City Developments (CityDev)

Billionaire Kwek keeps it in the family with luxury condo sales
SINGAPORE (Apr 23): Billionaire property developer Kwek Leng Beng’s latest luxury condo in Singapore has seen robust demand since its launch last month. It doesn’t hurt that some of his own relatives have rallied to the cause. Kwek’s son and daughter-in-law, Kingston and Cecilia Kwek, spent $9.8 million on an apartment in Boulevard 88, according to a City Developments exchange filing ...
How to play URA's latest draft master plan
SINGAPORE (Apr 5): Kwek Leng Beng, executive chairman of City Developments, has his own views on what could make Sentosa an exciting place for a property investor. In 2014, CDL formed Profit Participation Security (PPS1) from the securitisation of Quayside Collection at $1.5 billion, with partners Blackstone Group and CIMB Bank. The mixed-use Quayside Collection on Sentosa Island comprises ...
It's all work, all play in Singapore if urban plan gets go ahead
(Apr 5): Living where you work and play may not seem like the ideal balance in terms of escaping the grind, but it’s a key plank of Singapore’s vision for its central business district. Like many cities’ financial centres, Singapore’s is bustling by day and close to deserted during a weekend. The government hopes to change that and laid out details of how it aims to go about it in an ...
Steady sales but thinner margins seen for CityDev; hospitality sector to stay challenging
SINGAPORE (Nov 9): City Developments reported a 10% y-o-y rise in 3Q18 earnings to $162 million. Revenue jumped 18% to $1.02 billion. The better performance was largely due to higher residential development profits as well as a $12 million pre-tax gain from the sale of a property in Jalan Besar. Gross profit margin held relatively steady at 47.8% in 3Q18 vs 49.5% in 3Q17. See also: ...
CityDev posts 10.4% rise in 3Q earnings to $161.8 mil
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. 3Q18 revenue rose 17.7% to $1.02 billion, from $863.8 million a year ago. The increase was due to higher revenue recognised from the property development sales in Singapore. In addition, contribution from Phase 2 of Hong Leong City Center ...
Singapore home prices won't pop without migrants
(Aug 14): If Sherman Kwek sounds annoyed, he has his reasons — 2.9 million sf worth of reasons. That figure, equating to 270,000 sqm, is the total salable area of apartments almost ready to hit the market on the books of City Developments, the Singapore developer controlled by the family of billionaire Kwek Leng Beng, who handed the keys of his empire this year to son Sherman. The younger ...
CityDev upgraded to ‘hold’ by DBS with new cooling measures factored in
SINGAPORE (Aug 10): DBS Group Research is upgrading City Developments to “hold” from “fully valued” at an unchanged target price of $10.00. With a current share price at $9.71 and potential upside of 3%, DBS believes the potential downside risks from the recent implementation of new cooling measures is reflected in its valuation. DBS says CityDev’s share price is likely to be weak ...
City Developments cut to ‘neutral’ on expected slowdown in Singapore properties and Brexit woes
SINGAPORE (July 23): Expected slowdown in demand for Singapore’s residential properties due to the recent cooling measures and gloomy near-term outlook for UK projects from slow progress of Brexit negotiations have forced RHB to downgrade City Developments to “neutral” from “buy” with $10.50 target price. From RHB’s latest estimates, CityDev has unsold residential inventory in ...
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. In all, seven sites were carried over from the 1H18 programme and seven new parcels were introduced. The private residential component was little ...
CGS-CIMB upbeat on property developers as private home sales pick up pace
SINGAPORE (June 19): CGS-CIMB Research is keeping its “overweight” call on the Singapore property sector, following a 53% month-on-month surge in private home sales in May. A total of 1,121 units were sold during the month, some 8% higher than a year ago. “The bulk of the sales were in the Outside Central Region with 40% of total new sales coming from Twin Vew in the West Coast area ...