City Developments Ltd said it was investing in a A$275 million (S$281.7 million) residential development in Brisbane, its first housing project in Australia in over a decade. The Singaporean company said it was teaming up with Australian developers Abacus Property Group and KPG Capital for the project, which will be developed into two 30-storey towers with 472 apartments. "Brisbane's residential...
City Developments Ltd (CDL)
Singapore-listed property firm City Developments Limited (CDL), through its subsidiary Reselton Properties Limited, has entered into a contract to acquire the £158 million (S$334.96 million) freehold Stag Brewery land site in Mortlake, southwest London. In a news release on Thursday (Nov 26), CDL said completion of the acquisition is expected to be finalised by the first week of December. Stag Brewery...
City Developments (CDL) has booked a 2.8 per cent rise in net profit for the three months ended Mar 31, on the back of increased revenue from property development and hotel operations. The Singapore property developer's net attributable profit after tax and non-controlling interests was S$123 million in the first quarter, up from S$119.7 million in the same period a year ago. In a statement, City...
City Developments Ltd (CDL) has bought an upscale residential development in Shanghai in a deal worth 799 million yuan (S$169 million), continuing its overseas expansion in property segments other than hotels. The development in Shanghai's Qingpu District consists of 120 residential units built on a 163,837 square metre parcel of land. CDL said 85 of the units remain unsold. According to CDL, the...
CITY Developments Limited (CDL) has come up with a novel way of monetising its Sentosa Cove assets in a soft property market, even as it anticipates more overseas acquisitions over the next few years. The Singapore-based developer cobbled together a club deal with US investment giant Blackstone and Malaysia's CIMB Bank, which along with senior bank loans, amount to S$1.5 billion. Through a complex...
United States investment giant Blackstone and Malaysia's CIMB Bank will invest in three Sentosa Cove properties owned by City Developments (CDL), including the W Singapore hotel, in a complex transaction valued at S$1.5 billion. The investment in the Quayside Collection – comprising the W hotel, the Quayside Isle retail complex and the Residences at W Singapore – will be via an investment instrument...
City Developments’ (CDL) deputy chairman, Kwek Leng Joo, has said the property developer reaped a total savings in energy consumption of US$16 million (S$21 million) from its 37 Green Mark Gold-rated buildings from 2008 to 2011. He was speaking on sustainability at the 2014 Annual Asia Competitiveness Institute conference on Wednesday (Nov 26). CDL's sustainability efforts include the adoption of more...
City Developments Limited's (CDL) executive chairman, Kwek Leng Beng, on Thursday (Aug 14) said there is still upside in the Singapore office and hotel segments. Looking ahead however, the developer will accelerate its push for overseas expansion and tap new product opportunities. SINGAPORE OFFICE AND HOTEL SEGMENTS The limited number of new prime office buildings in Singapore has helped to boost...
City Developments (CDL), Singapore’s second-largest property developer, said on Thursday (Aug 14) its second-quarter net profit fell 32.8 per cent from a year ago, mainly due to divestment gains in 2013. Net profit for the three months ended Jun 30 was S$137.9 million, down from a restated S$205.1 million during the same period last year. Property development was the main contributor to earnings,...
Property developer City Developments expects the Singapore residential market to be cautious with moderated volumes and a lower rate of sales compared with the peak of the property cycle. However, it believes that well-located projects, especially those near to MRT stations which are competitively priced, should continue to attract reasonable buying interests. The company made these comments today...