City Developments Limited (CDL) has reported a remarkable financial performance for the first half of 2026, tripling its net attributable profit after tax and minority interest (PATMI) to S$301.6m, compared to S$91.2m in the same period last year. This surge is largely attributed to a robust performance in its property development segment, with revenue climbing to S$2.7b, a 61.1% increase from 1H 2025.
The property development segment was the primary driver of this growth, with a 166.8% year-on-year increase in revenue. Key contributors included the fully sold Lumina Grand Executive Condominium in Bukit Batok and the newly launched Newport Residences. The hotel operations segment also contributed positively, reversing a pre-tax loss from the previous year to achieve a profit of S$42.0m, aided by a 4.9% rise in Revenue Per Available Room (RevPAR).
Despite lower capital recycling gains in its investment properties segment, CDL maintained a strong capital position with cash reserves of S$2b and total cash and undrawn committed credit facilities of S$4.9b. The Group’s net gearing ratio stands at 75%, reflecting investments in two Government Land Sales sites in Singapore.
CDL’s Executive Chairman, Kwek Leng Beng, highlighted the strength of the company’s diversified portfolio amidst global challenges, whilst Group CEO Sherman Kwek emphasised the focus on portfolio quality and strategic capital allocation. The company plans to announce the outcome of its strategic review by the end of September 2026, outlining its future direction and growth strategies.
