C09.SI
SGX50SESCity Developments Limited
Real Estate · Real Estate - Development · Singapore
City Developments Limited (CDL) is a leading global real estate company with a network spanning 167 locations across 28 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalization. Its income-stable and geographically diverse portfolio comprises residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments. With a proven track record of over 60 years in real estate development, investment, and management, the Group has developed over 55,000 homes and owns around 23 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally. The Group owns, operates and manages more than 160 hotels worldwide, many in key gateway cities, primarily through its flagship Millennium Hotels and Resorts (MHR). City Developments Limited was established on September 7th, 1963 and incorporated in Singapore.
www.cdl.com.sg ↗Shares trade at a low 11.6× trailing earnings, easing to 14.8× on forward estimates. Profitability shows a net margin of 17.6% and return on equity of 6.4%. Leverage is high at 18.6× net debt/EBITDA. Revenue grew 11.1% year-on-year. It yields 3.2% in dividends. The mean analyst target of SGD10.61 sits 34.4% above the current price (Buy, 13 analysts).
business model
City Developments Limited (CDL) is a Singapore-based global real estate group controlled by the Kwek family's Hong Leong group. Its integrated model spans property development (building and selling residential and mixed-use projects), investment properties (recurring rental income from offices, retail and other assets), a global hotel operation via its Millennium & Copthorne (M&C) portfolio, and a fund/investment management arm. Earnings mix lumpy development profits with recurring rental and hotel income.
revenue segments
Key segments are Property Development (residential and commercial sales, largely in Singapore, China, the UK and other markets), Investment Properties (rental from a commercial and retail portfolio), Hotel Operations (owned and managed hotels worldwide under the Millennium and Copthorne brands), and Investment Management. Development sales typically drive the largest swings in revenue.
key dependencies
Results depend on Singapore residential demand and government cooling measures (stamp duties, loan limits), construction costs, and land-banking success. The hotel segment is sensitive to global travel and RevPAR trends, while investment properties depend on office/retail occupancy and rents. Interest rates affect both financing costs and asset valuations across the portfolio.
competitors
In Singapore development it competes with UOL, CapitaLand, Frasers Property, GuocoLand and Hongkong Land, among others. In hotels its M&C portfolio competes with global and regional hotel owners and operators; in commercial property it faces the major landlords and REITs.
moat
The moat comes from deep Singapore land-banking experience, a strong balance-sheet history, a globally diversified hotel and property portfolio, and the backing of the Hong Leong group. Brand recognition and long development track record support pricing and access to land and capital.
risks
Earnings are cyclical and policy-sensitive, particularly to Singapore property cooling measures and to global hotel demand. Overseas expansion has at times produced impairments and execution issues (including past China exposures), and high asset intensity leaves it exposed to interest-rate-driven valuation and financing pressure. Family/controlled-company governance dynamics have periodically drawn scrutiny.
Financials & metrics
as of 04 Jul 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
Tap any metric for an explanation.● provider● computedN/A not available from source
Income-statement history isn't available for this security.
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.