CDL shares drop after reporting lower Singapore sales in Q3
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Despite the third-quarter dip, CDL's Singapore sales are up in the first nine months of 2025.
ST PHOTO: TARYN NG
Follow topic:
- CDL's Singapore property sales fell 48.7% to $313.2 million in Q3 2025 due to fewer new launches compared to Q3 2024's $611.1 million, which was boosted by Kassia's launch.
- Despite the Q3 dip, CDL's YTD Singapore sales are up; 990 units sold totalling $2.5 billion, driven by "The Orie" project, with strong buying interest and moderating interest rates.
- CDL focuses on capital recycling, divesting Quayside Isle and Piccadilly Galleria for $65.46 million, while hotel RevPAR dropped in Singapore but rose in the UK and Europe.
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SINGAPORE - Shares of City Developments Limited (CDL) slipped on Nov 18 in a knee-jerk reaction to news of lower property sales.
CDL, as well as its joint venture associates, recorded lower Singapore sales of $313.2 million in the third quarter of 2025, down 48.7 per cent from $611.1 million in the year-ago period.
Its stock fell 1.5 per cent to close at $7.20 on Nov 18.
In an operational update on Nov 17, CDL said it sold 88 units in Singapore in the July to September period. They were mainly from existing projects as there were no new launches during the quarter.
In contrast, 321 units were sold in the third quarter of 2024. The sales were boosted by the launch of the 276-unit freehold Kassia in July 2024, a joint venture project located off Upper Changi Road North, which sold 144 units on its launch weekend.
Looking ahead, CDL said its core property development operations remain resilient.
In Singapore and China, it has built a strong pipeline of well-located projects via its ongoing land replenishment efforts.
For the first nine months of 2025, CDL and its joint venture associates sold 990 units in Singapore, totalling $2.5 billion in sales value. This tops the 905 units sold in the same period in 2024, with sales value of $1.8 billion.
The stronger sales here were driven by the 777-unit The Orie JV at Toa Payoh, launched in January 2025, with 730 units, or 94 per cent of the project, sold to date.
CDL said buying interest has stayed strong in 2025. With interest rates moderating, residential sales have picked up after the seasonal lull in September during the Hungry Ghost Festival.
October saw a flurry of new launches, particularly well-located projects, which saw strong demand and robust sales.
CDL also said that capital recycling remains a key strategic focus
The group is in advanced stages of discussion and negotiation with shortlisted parties over the sale of Quayside Isle @ Sentosa Cove, which it had put on the market for $111 million in September and closed its expression of interest exercise in October.
This trophy waterfront asset is the only retail property within the Sentosa Cove enclave and has attracted encouraging market interest, CDL said.
In September 2025, CDL launched the sale of Piccadilly Galleria and completed the divestment on Nov 7 for $65.46 million.
CDL said the divestments are in line with its ongoing strategy to prioritise capital recycling by unlocking value and redeploying the sales proceeds into new opportunities, debt reduction and enhanced shareholder returns.
CDL said its Singapore office and retail portfolios continue to sustain high occupancies and steady tenant demand.
Hotel performance across its key markets remains stable. It expects major events in Singapore in the fourth quarter such as the Formula One Singapore Grand Prix and the Blackpink concert to support continued domestic inflows.
For the first nine months of 2025, the group’s hotels recorded a slight drop in global revenue per available room (RevPAR) of 0.3 per cent to $165.8, compared with $166.3 in the same period in 2024. This was mainly due to weaker performance in Asia.
In contrast, it recorded a 10.7 per cent RevPAR growth in the rest of Britain and Europe, driven by the acquisition of the Hilton Paris Opera hotel in May 2024.
Its Singapore hotels posted a 10.6 per cent year-on-year decline in revenue per available room to $158.50 from $177.20, due to a lower average room rate and occupancy.
The decline was attributed to a high-base effect from popular events in 2024, which included Taylor Swift concerts.
