In 1QFY2026, City Developments (CDL) and its associates sold 242 units with sales value of $609.6 million compared to 795 units valued at $1.9 billion in 1QFY2025.
Sales were underpinned by the launch of Newport Residences in January. To date, 192 units or 78% have been sold.
Most of the Group’s ongoing launched projects continued to sell well. The Orie (777 units) and The Myst (408 units) are over 90% sold, Zyon Grand (706 units) and Norwood Grand (348 units) are over 88% sold, while Union Square Residences (366 units) is over 40% sold.
In February CDL acquired a 131,744 sq ft Government Land Sales (GLS) parcel at Tanjong Rhu Road in a 90/10 JV with Woh Hup Holdings for $709.3 million or $1,455 psf ppr. The site will yield around 518 apartments across three 26-storey towers and offers excellent connectivity, with Katong Park and Tanjong Rhu MRT stations within walking distance.
The Group plans to launch its 570-unit Lucerne Grand on Lakeside Drive near Jurong Lake Gardens in 3Q2026. Located beside the Lakeside MRT station, it will comprise five 17-storey towers with commercial space on the first storey.
CDL plans to launch two executive condominium projects with a total of 732 units in 1Q2027. The first project is a 271,330 sq ft site at Woodlands Drive 17 which will yield 430 units. The second site at Senja Close spans 109,354 sq ft and will comprise 302 units. The latest EC-related policy updates announced on May 8 will not affect these two EC projects, which will continue to operate under the prevailing scheme when the sites were awarded
As of Mar 31, the Group’s net gearing ratio (after factoring in fair value on investment properties) stands at 72% after acquiring the Tanjong Rhu Road GLS site in February 2026 for $709.3 million, with 25% of the acquisition price already paid. Interest cover stands at 2.7 times and its debt expiry profile remains healthy. The Group maintained a substantial natural hedge for its overseas investments.
