City Developments Limited (CDL) has sold 88 units with a total sales value of $313.2 million for 3QFY2025 ended Sept 30, less than the 321 units with a total sales value of $611.1 million sold in the same quarter last year.
Sales were primarily from existing projects as there were no new launches during this quarter, the group says. In contrast, sales in the previous year’s quarter were boosted by the launch of the 276-unit freehold Kassia in July, a JV project located off Upper Changi Road North.
For the 9MFY2025, CDL sold 990 units totalling $2.5 billion in sales value, comparable to the 905 units with sales value of $1.8 billion reported in the same period a year ago.
Strong sales were driven by the 777-unit The Orie JV project at Toa Payoh, launched in January, with 730 units (94%) sold to date.
CDL acquired the Lakeside Drive Government Land Sales (GLS) site at Jurong in June and two EC GLS sites in August. One of the EC sites is in Woodlands Drive 17. The second site is at Senja Close.
CDL says that buying interest has stayed strong this year. In October, sales commenced for the 706-unit luxury Zyon Grand, a JV project with Mitsui Fudosan. 84% of units were sold on its launch weekend with an average selling price of $3,050 psf.
See also: CSE Global revenue for 3QFY2025 up 20.5% y-o-y to $257.7 mil
For CDL’s Australia segment, Brickworks Park in Brisbane stage one achieved practical completion in July and is fully sold, and stage two is on track for completion in the first quarter of 2026.
In China, CDL’s wholly-owned subsidiary, CDL China Limited and its JV associates sold 120 residential, office and retail units, with a total sales value of RMB 263.8 million ($48.0 million).
Hong Leong Larimar Center, a mixed-use development in Suzhou’s High-Speed Railway New Town is targeting to launch Phase 1 of its residential component in 1Q2026. Construction for the mixed-use JV development site in Shanghai’s Xintiandi area is expected to commence in 4Q2025.
See also: ISDN Holdings reverses into earnings for 3QFY2025 of $2.29 mil
Portfolio occupancies
Under CDL’s investment property segment, the group’s Singapore office portfolio achieved a committed occupancy of 97.3%, outperforming the island-wide rate of 88.8%. This was supported by strong occupancies at Republic Plaza and City House.
Its Singapore retail portfolio maintained a committed occupancy of 96.9% as at Sept 30, surpassing the island-wide rate of 93.1%, with City Square Mall achieving a 98% committed occupancy, and Palais Renaissance at 97.6%.
CDL’s UK portfolio saw committed occupancy at 125 Old Broad Street rise to 91.1% from 87.9% in June. Aldgate House has about 52,000 sq ft under offer with occupancy expected to rise to 98.2% from 75.8% in June. Meanwhile, occupancy at St Katharine Docks remained stable at 87%.
CDL’s committed occupancy at Jungceylon Shopping Center in Phuket remains resilient at 92%, with a positive rental reversion of 21%. As at Sept 30, the group’s China office portfolio recorded a committed occupancy of 58%.
Living sector
In CDL’s private rented sector (PRS), the group’s 370-unit project in Birmingham obtained full PC and leasing efforts have begun. The Junction in Leeds with 665 units achieved 90% committed occupancy in 3Q2025. PC for The Joinery and The Yardhouse are expected in 2H2026.
For more stories about where money flows, click here for Capital Section
The group’s PRS portfolio in Japan – comprising 40 operational assets with a total of 2,246 units – maintained a strong occupancy rate of over 95%, while its Australia asset The Archive obtained PC on Oct 31.
The group’s PBSA segment in the UK has an occupancy of 82% for the 2025/2026 academic year.
Hotels
For 9MFY2025, hotels reported a slight drop in global Revenue Per Available Room (RevPAR) of 0.3% to $165.8, mainly due to weaker performance in Asia. This was offset by a 10.7% RevPAR growth in the rest of the UK and Europe, driven by the acquisition of the Hilton Paris Opéra hotel in May 2024.
Singapore hotels registered a 10.6% y-o-y decline in RevPAR, attributed to lower Average Room Rate (ARR) and occupancy, influenced by a high base effect from last year’s popular events, including Taylor Swift concerts, as well as the shift of the Formula 1 Singapore Grand Prix from September (Q3) last year to October (Q4) this year.
Australasia hotels showed strong performance with RevPAR of $123.1, up 11.2% y-o-y, while Europe hotels recorded y-o-y RevPAR growth of 3.3%, achieving $210.7 and US hotels achieved RevPAR of $200.3, up 1.0% y-o-y.
As at Sept 30, the group’s net gearing ratio stood at 69% following the full payment for the acquisition of the group’s 51% stake in a mixed-development site in Xintiandi.
Its interest cover stands at 4.0 times and has cash reserves of $2.5 billion with $4.3 billion in cash and available undrawn committed bank facilities.
CDL launched Piccadilly Galleria and completed the divestment on Nov 7 for $65.46 million. It launched Quayside Isle for sale through an exclusive expression of interest exercise in Sept.
Shares in City Developments closed 4 cents lower or 0.544% down at $7.31 on Nov 17.
