City Development Limited (CDL)

City Developments Limited to divest interest in Sincere  - THE EDGE SINGAPORE

Company in the news

City Developments Limited to divest interest in Sincere

The consideration of US$1 took into account Sincere’s current liquidity issues and potential bankruptcy reorganisation.
CDL records $1.78 bil impairment on Sincere Property Group; declares $1.92 bil loss for FY20 - THE EDGE SINGAPORE

Results

CDL records $1.78 bil impairment on Sincere Property Group; declares $1.92 bil loss for FY20

Despite the losses, the group has declared total dividend of 12.0 cents per share for the FY2020.
Third CDL director resigns in relation to Sincere Property investment - THE EDGE SINGAPORE

Company in the news

Third CDL director resigns in relation to Sincere Property investment

CDL has since appointed Lee Jee Cheng Philip as independent non-executive director on Jan 4 to replace her role.

Results

CDL reports 62.7% decline in RevPAR of $54.30 in 3Q update, says Singapore residential property market remains 'resilient'

CDL says it expects to record losses for the FY2020 owing to the unprecedented collapse of global travel and tourism from Covid-19
CDL appoints Deloitte & Touche as external financial advisor to evaluate investment in Sincere Property Group - THE EDGE SINGAPORE

Company in the news

CDL appoints Deloitte & Touche as external financial advisor to evaluate investment in Sincere Property Group

The financial advisory services company will assist CDL in further evaluating and reviewing its investment in Sincere Property.

Broker's Calls

Analysts maintain their 'buy' calls but cuts earnings estimates following CityDev’s 'weak' 1H20 results

Analysts from CGS-CIMB Research, DBS Group Research, OCBC Investment Research, RHB Research, and UOB Kay Hian are maintaining their “add” or “buy” calls on City Developments Limited (CDL) despite its less-than-stellar 1H20 earnings results.

REITs

Specific triggers lead to outperformance by FLCT and IREIT Global since 1QFY2020 lows

To date, the best performing REIT since the market made its low on March 23 this year is Frasers Logistics and Commercial Trust (FLCT), which was formerly known as Frasers Logistics and Industrial Trust. The renaming followed its merg

Broker's Calls

CityDev kept at 'buy' amid record full-year revenue

SINGAPORE (Feb 21): Jefferies Singapore is keeping its “buy” recommendation on City Developments with a target price of $12.00, after the property developer beat revenue expectations for FY18.

M&A

CapitaLand-CDL JV secures prime site in Sengkang Central for $777.8 mil

SINGAPORE (Aug 16): CapitaLand and City Developments Limited (CDL) jointly announced that they, in a joint venture (JV), have secured a mixed-use residential and commercial site in Sengkang Central for $777.78 million.

Broker's Calls

CGS-CIMB 'overweight' on developers as latest GLS holds private housing supply steady

SINGAPORE (June 28): Under the latest 2H18 land sale programme, the Singapore government has released land sites for a total of 8,040 residential units -- 2,775 confirmed and 5,335 reserve, 930 hotel rooms and 124,200 sqm of commercial space.
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