CDL reports 3.9% rise in Patmi in 1H2025 with special dividend of 3 cents
The property development section stayed the largest revenue contributor with a 24.3% increase, steered by Singapore plans such as The Myst, Norwood Grand and Union Square Residences, as well as the divestment of the Ransome’s Wharf site in London’s Battersea area and the sale of the office component of Suzhou Hong Leong City Center in China.
As of June 30 the Group maintained cash reserves of $1.8 billion and cash and readily available undrawn dedicated financial institution facilities amounting to $3.5 billion. After factoring in reasonable value on investment properties, the Group’s net gearing proportion stands at 70% (FY 2024: 69%). Average borrowing costs reduced to 4.0% for 1H2025 (FY2024: 4.4%) following price cuts across the various jurisdictions. For 1H2025, the Board has declared a special interim reward of 3.0 cents per regular share.
The financial investment properties segment documented steady profits with a 0.4% increase, sustained by greater payments from Republic Plaza, Jungceylon Shopping Mall, City Square Mall and the living sector projects in the UK and Japan, countered by lower contributions from the Group’s UK business properties.
CDL’s NAV as of June 30 was $10.10, down 7 cents since Dec 31, 2024. Its share rate shut at $6.35 on Aug 12, up 24% this year.
The raise in return and final earnings were steered by improved efficiency in the real estate advancement sector, with complete revenue recognition from its fully offered joint venture (JV) Executive Condo (EC) venture, Copen Grand, complying with its finish in April 2025, and other contributing jobs including The Myst, Norwood Grand, and also JV plans CanningHill Piers, Tembusu Grand, The Orie and Kassia.
Year-to-date, over $1.5 billion in obtained divestments has been achieved. The expected fulfillment of the sale of the Group’s 50.1% risk in the South Beach mixed-use development, with divestment gains of $465 million, is in 3Q2025.
City Developments (CDL) disclosed a 3.9% surge in Patmi to $91.2 million in 1H2025, for the 6 months to June 30. Income rose to $1.7 billion in 1H2025, up from $1.6 billion a year ago.
Lower pre-tax revenue of $139.9 million in 1H2025 was primarily because of a $63.1 million net forex loss and minimized divestment gains. Excluding the exchange loss, 1H2025 pre-tax earnings would certainly have increased by 95.0% on a like-for-like basis. Patmi rose because of a reduced tax cost contrasted to the previous year.
The Group’s performance was adversely affected by net forex declines of $63.1 million in 1H2025 contrasted to a net forex profit of $51.3 million in 1H2024. Excluding these exchange effects, the Group’s Patmi would have jumped 322.7% to $154.3 million. The depreciation of the US bill noticeably affected the Group, primarily because of USD-denominated intercompany loans expanded to fund previous United States hotel procurements and working resources requirements. This net foreign exchange loss, paired with weaker efficiency from the hotel operations sector, led to this sector reporting a loss for 1H2025.
The hotel operations section reported a pre-tax loss of $84.4 million in 1H2025, mostly because of a net foreign exchange loss from the depreciation of the USD, inflationary cost stress and weaker performance in key industry including Singapore and the United States.
