Property developer City Developments Limited (CDL) is in talks to sell a land site in shopping belt Jalan Bukit Bintang for a price tag of more than RM3,000 ($1,282) per square feet (psf), a fee that could become Malaysia's most expensive land deal, according to the Malaysian newspaper Business Times. The sale of the land parcel in downtown Kuala Lumpur could top Malaysian developer Sunrise Berhad's...
City Developments Ltd (CDL)
Property and hospitality firm City Developments, through its subsidiary City e-Solutions, has acquired Renaissance Syracuse Hotel in Syracuse, New York. The purchase price of the hotel is US$10 million, which represents US$35,842 per key and a 14 per cent yield on 2009 net operating income. The acquisition was made through a joint venture firm, which City e-Solutions has a 50 per cent stake. The...
Property developer City Developments said its first quarter net profit rose about 68 per cent on-year to S$139.3 million. The improved performance came on the back of stronger revenue, which went up 20.6 per cent to S$750.4 million dollars. Accordingly, basic earnings per share rose 68.1 per cent to 15.3 cents. CDL said all its business segments had shown improvement compared to last year. The property...
CITY Developments Ltd (CDL) executive chairman Kwek Leng Beng received 'above $7.5 million and up to $7.75 million' for the financial year ended Dec 31, 2009, unchanged from FY2008. CDL posted a net profit of $593 million last year, up 2.1 per cent from the preceding year. In FY2007 - when CDL posted record net earnings of $725 million - Mr Kwek's remuneration was 'above $7.75 million and up to $8...
CITY Developments (CDL) is aiming to start building its landmark $2.5 billion South Beach project in Beach Road next year, said its boss Kwek Leng Beng yesterday. Mr Kwek gave an update on the project - shelved in late 2008, owing to high construction costs, then slated for a start this year - as he unveiled a far- better-than-expected 77 per cent surge in fourth quarter net profits for CDL. He brushed...
Singapore's City Developments on Thursday said it expects to remain profitable this year, and does not expect to see much impact from recent government measures to cool the property market. The developer booked a 2 per cent increase in full-year earnings to S$593 million or US$420 million. That is its second highest on record. Revenue last year hit an all-time high of almost S$3.3 billion. The...