|Bid||1.0900 x 0|
|Ask||1.1020 x 0|
|Day's range||1.0900 - 1.0910|
|52-week range||1.0400 - 1.1300|
|Beta (3Y monthly)||N/A|
|PE ratio (TTM)||1.93|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
City Developments Ltd (CDL) will hold an exclusive private preview of the 188-unit Haus on Handy this Saturday, June 29. The project is located on Handy Road, within a two-minute walk of the Plaza Singapura shopping mall, which is linked to the Dhoby Ghaut MRT interchange station for the North-South, North-East and Circle Lines. The 188-unit Haus on Handy has two residential blocks of 9- and 12-storeys (Credit: CDL).
UPDATED: City Developments (CDL) has launched another takeover bid for Millennium & Copthorne Hotels (M&C). The latest move comes after CDL built up a 65.2% stake in M&C. CDL says the offer price will remain at the pre-conditional final cash offer price of 685 pence ($11.89) per share offer for the remaining 34.8% of M&C not already owned by CDL.
SINGAPORE (Reuters) - Singapore-listed real estate firm City Developments (CDL) said on Wednesday it intended to invest nearly $1 billion in China including the purchase of an indirect stake in Sincere Property Group.
SINGAPORE (May 15): City Developments (CDL) has announced earnings of $199.6 million for the 1Q ended March, rising 133.8% from restated 1Q18 earnings of $85.3 million on strong profit margins and the realisation of a pre-tax divestment gain.The bottomline growth came despite a 29.5% y-o-y decline in revenue to $746.2 million from $1.06 billion a year ago, in the absence of revenue recognition from The Criterion executive condominium (EC) in its entirety over the previous quarter.Excluding contributions from The Criterion, the group says 1Q19 revenue would have increased by 6% due to healthy residential sales in Singapore and China.In Singapore, CDL and its joint venture (JV) associates sold 173 residential units with a total sales value of $516.3 million, as opposed to 459 units valued at $792.6 million in 1Q18, due to the higher-margin Boulevard 88 project along Orchard Boulevard.In China, the group’s wholly-owned subsidiary CDL China Limited (CDL China), together with its JV associates, sold 113 residential units and one villa in 1Q, achieving a total sales value of RMB 358.8 million ($72.0 million).Rental properties led profit growth in terms of business segments due to recent acquisitions and the divestment of Manulife Centre.This was followed by the property development segment due to key local projects such as Gramercy Park, New Futura, The Tapestry, Whistler Grand, South Beach Residences – as well as overseas projects like Hong Leong City Center in Suzhou and Hongqiao Royal Lake in Shanghai.The hotel operations segment, however, registered a loss over the quarter due to factors that include a challenging US region where it continued to be loss-making, on top of refurbishments that affected two major hotels in the group’s key gateway cities of London and Singapore, as well as higher financing costs.Over the quarter, the group also recognised a $144.3 million pre-tax gain from the divestment of Manulife Centre, which is in connection with the CDL’s second Profit Participation Securities (PPS) structure developed in 2015.“While Singapore will always remain our home ground, our overseas efforts have borne fruit and provided much needed diversification to our earnings. Although global economic and political events have led to market uncertainties, our geographically diversified and income-stable portfolio in Singapore and overseas will enable us to better navigate through these challenges. At the same time, we will continue to actively explore attractive investment opportunities to grow our business,” comments CDL’s executive chairman Kwek Leng Beng.Shares in CDL closed 0.7% higher at $8.68 on Tuesday.
City Developments Ltd (CDL) and joint-venture partner Hong Realty, sold 115 units at Amber Park as at 5pm on Sunday, May 5. The figure translates to 77% of a total of 150 units released for sale on launch weekend. Based on an average selling price of $2,425 psf after an early bird discount, total sales over the weekend amounted to more than $240 million. It was considered “the best-selling new, freehold property launch this year”, says CDL. About 85% of the buyers at Amber Park are Singaporeans (Credit: CDL)The 592-unit project was launched for sale just one week after its sales gallery opened for viewing on April 27. Unit sizes range from 463 sq ft for a one-bedroom-plus-study apartment to 5,005 sq ft for the largest six-bedroom-plus-study penthouse.Prices started from $1.088 million for a one-bedroom-plus-study; $1.608 million for a two-bedroom-plus-study; and $2.18 million for a three-bedroom. Prices for a four-bedroom-plus-study started from $3.068 million and a five-bedroom premium from $4.98 million.“All apartment types enjoyed a good take-up rate”, and units sold included one of the penthouses, according to CDL in a release. About 85% of the buyers are Singaporeans, with the remaining made up of foreigners, predominantly from China, Malaysia, Indonesia and India. Amber Park's rooftop recreational deck that spans across all three towers (Credit: CDL)Many of the buyers are homeowners and savvy investors who took advantage of the “attractive early-bird pricing”, says CDL group general manager Chia Ngiang Hong. These included existing residents in the East looking to purchase “an iconic property”, he adds.The freehold project’s location in prime District 15, and proximity to the Tanjong Katong MRT station on the Thomson-East Coast Line, were also factors that drew buyers looking for projects with “good investment value”, he notes.“We are very encouraged by the strong take-up at Amber Park’s first weekend launch,” adds Chia. “Sales for this project are off to a good start, indicating healthy demand for well-located projects that are exceptionally designed.” Amber Park is designed by acclaimed architect, Chan Soo Khian, principal of SCDA Architects, who is known for many of his luxury residences and resorts. Chan Soo Khian of SCDA Architects is the design architect, interior designer and landscape architect for Amber Park, his first luxury project in the East (Credit: CDL)Selling 115 units is “an amazing feat in the current market conditions”, says Ismail Gafoor, CEO of PropNex. “We witnessed strong turnout during the preview stage in the lead-up to the launch over the weekend.” Beyond the iconic design and freehold status, the large land plot of over 213,000 sq ft and reputation of the developers, CDL and Hong Realty, were key considerations for both homebuyers and investors, he adds.See Also: * Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools * Amber Park to launch on May 4, early-bird average price about $2,425 psf * Amber Park to debut on the weekend of April 27-28 * Evia Real Estate and Metro JV acquire 7 & 9 Tampines Grande for $395 mil * Hong Leong Group bids $383.5 mil for Sims Drive site * En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc * HDB Resale Flats Up For Sale, Affordable Units Available
SINGAPORE (May 3): Jefferies is maintaining “buy” on City Developments (CDL) with a target price of $12 based on 0.84 times book value. This follows news of the developer acquiring a 50% stake in IREIT Global’s manager, along with a 12.4% stake in the REIT from Tikehau Capital and another investor for a total consideration of $77.8 million.On completion of the acquisition, CDL and Tikehau Capital will own IREIT’s manager equally.To recap, the acquisition is part of CDL’s plans to develop a fund management business while as it winds down its profit participation securities (PPS) under the leadership of CEO Sherman Kwek. The aim is to attain $900 million in EBITDA from recurring income within 10 years.In a report on Thursday, analyst Krishna Guha says he sees the acquisition of IREIT and its manager as complementary to CDL’s existing presence in Europe, and in line with stated corporate strategy to achieve assets under management of $5 billion by 2023.“The partnership with Tikehau will help source investment opportunities in Europe and grow AUM. The stake complements [CDL’s] presence in Europe. It has exposure to hotels and offices through CDL HT and First Sponsor Group, and potential partnership/consolidation may not be ruled out,” says Guha.Furthermore, the analyst notes how the price of the deal at 76 cents per unit represents a 1.33% premium over IREIT’s 29 April closing price of 75 cents. The pricing for CDL’s stake in the trust manager also comes at a slight premium, he adds, versus that of the recent merger deal between ESR-REIT and Viva Industrial Trust.“ESR paid $62 million for annualised fee of $8.2 million or about 7.5 times versus 9.5 times for IREIT trust manager. The stake in trust manager will be equity accounted for and the stake in IREIT will be a financial investment. Management feels that current stake in REIT and the trust manager is strategic and the levels are appropriate. It is mindful of not consolidating the REIT in view of the current accounting regime,” notes the analyst.“We like the group's effort to grow fund management platform and expand its network of capital partners. The deal is in line with few consolidation related transactions that we have seen in recent times… The group conservatively holds investment properties at cost. While the residential segment in Singapore is slow, Singapore residential accounts for less than 15% of group RNAV,” he adds.As at 2.52am, shares in CDL are down by 3 cents at $8.97 while IREIT units are trading 1.94% lower at 76 cents.
City Developments Limited (CDL) and its joint venture partners – Hong Leong Holdings Limited and Lea Investments – has sold 20 out of 25 released units to date since opening luxury development Boulevard 88 up for exclusive private previews on March 8.
SINGAPORE (Mar 4): City Developments (CDL) is expanding into the rapidly-growing UK private rented sector (PRS) with the acquisition of a £15.4 million ($27.5 million) freehold site from Alpha Real Trust.Located at Monk Bridge in Leeds, the site is about a 10-minute walk to the Leeds Train Station and two kilometres to the Leeds City Centre which comprises the financial, civic, shopping and cultural quarters.CDL plans to develop a 664-unit build-to-rent residential project with retail space located within the site’s attractive heritage arches beneath a viaduct. The project is expected to be completed in 2023 at an estimated total development cost of $250 million. Net yield is expected to be 5.0% annually.In addition, a public park will be developed on the viaduct, providing spaces for public functions, outdoor film screenings, pop-up restaurants and a pedestrian walkway leading to the the train station and city centre. Residents will enjoy private gardens, a sports area within the estate, leisure and retail facilities at their doorstep, and a wide range of services including concierge, parcel collection and a car sharing rental scheme.Full planning permission has been obtained for the site which has a residential and commercial Net Lettable Area of around 386,000 sf and 16,000 sf respectively. The acquisition price translates to about $142 psf for the 193,752 sf site.Sherman Kwek, CDL group CEO, says, “Expanding into the UK PRS is in line with our strategy to grow CDL’s recurring income. Due to increased labour mobility and the growing popularity of renting, we see strong growth potential for this sector. Moreover, the PRS is a key part of the government’s agenda to solve the UK’s housing supply-demand imbalance. Brexit is expected to have limited impact on this sector as demand is mainly driven by locals.”To enhance recurring income, CDL last year acquired two prime Grade A London commercial properties for approximately $1.02 billion. The two freehold buildings, 125 Old Broad Street (the former Stock Exchange Tower) and Aldgate House, are poised to benefit from the tightening of London’s existing office stock and limited new supply which will drive rental growth.As at 10.03am, shares in CDL are down 13 cents at $8.68.
Singapore property giant City Developments Ltd (CDL) has been selected for the 2019 Bloomberg Gender-Equality Index (GEI). It was selected in recognition of its commitment to transparency in gender reporting and advancing gender diversity in the workplace. “In a traditionally male-dominated industry, CDL is honoured to be listed on the GEI for the second consecutive year,” says Sherman Kwek, CDL group CEO. “Our diversity across genders, age groups, cultures and geographies has given us a strong strategic advantage and we will continue to support the professional development of all employees within our Group.” CDL Group CEO Sherman Kwek (centre) and group general manager Chia Ngiang Hong (fifth from left) with women department heads. Women employees form 70% of CDL’s workforce and 47% of its department heads (Credit: CDL) GEI is tracked by investors and uses a standardised reporting framework for public companies to disclose information on how they promote equality across different areas based on company statistics, policies, community engagement as well as products and services. Women employees form 70% of CDL’s workforce and 47% of its department heads. In 2018, the number of women department heads in CDL increased by 60% compared to 2017. CDL established an internal Diversity and Inclusion Task Force in 2017, complementing its CDL’s Women4Green network, a first in Singapore, which inspires and empowers women to create a financially, environmentally and socially sustainable future. CDL also adopted a formal Board Diversity Policy in 2017. To date, two, or about 30%, of the seven directors on the CDL board are women. This surpasses the Diversity Action Committee (DAC) Singapore’s recommended target of having a 20% woman representation on the boards of Singapore-listed companies by 2020. See Also: * Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools * CDL’s Chia Ngiang Hong appointed REDAS president * CDL posts 10.4% rise in 3Q earnings; with higher contribution from development sales in Singapore * CDL sells 160 units at Whistler Grand at launch weekend * Whistler Grand to preview on 20 Oct weekend * En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc * HDB Resale Flats Up For Sale, Affordable Units Available
Singapore listed property group City Developments Ltd (CDL) saw its earnings grow 10.4% to $161.8 million for 3Q2018 ended September, from $146.6 million a year ago. The increase was due to higher revenue and earning recognised from the property development sales in Singapore. YTD September 2018, the group and its joint venture associates sold 787 units worth $1.56 billion in sales value.
SINGAPORE (Nov 8): City Developments saw its earnings grow 10.4% to $161.8 million for the 3Q18 ended September, from $146.6 million a year ago.
SINGAPORE (Oct 23): Despite the new property development policies, City Developments and Oxley debuted their latest properties, Whistler Grand and Kent Ridge Hill Residences respectively, last weekend. As at 1.20pm, shares in City Developments are trading at $8.15, while shares in Oxley are trading at 30 cents. In a DBS report on Tuesday, The Whistler Grand at West Coast is expected to have an average price of $1,380 psf, while Kent Ridge Hill at Pasir Panjang is expected to cost about $1,700 psf.
Sherman Kwek’s first 10 months as group CEO of City Developments Ltd (CDL) has been full of ups and downs, “akin to a roller-coaster ride”. As a third-generation chief of a sprawling real estate business with an illustrious history spanning more than 55 years and a market capitalisation of close to $9 billion, the 42-year-old Kwek is determined to prove himself. At the start of his tenure in January, Kwek declared to the entire organisation his manifesto: “A journey of renewal and transformation.” He even crafted a three-pronged strategy with the acronym GET: Growth, Enhancement and Transformation.
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