City Developments Ltd (CDL) almost tripled net profit attributable to shareholders to S$301.6 million for the six months ended Jun 30, 2026, up 230.7 % year-on-year, as a one-off revenue lift from its fully sold Lumina Grand executive condominium (EC) propelled earnings.
Group revenue climbed 61.1 % to S$2.72 billion, while profit before tax rose 188.6 % to S$403.8 million. The board declared a tax-exempt interim dividend of 6.0 Singapore cents a share; a year-earlier comparison was not disclosed.
The property-development division remained the main earnings engine, with segment revenue jumping 166.8 % after Lumina Grand obtained its Temporary Occupation Permit in April, allowing full profit recognition. Contributions from newly launched projects such as Newport Residences, Norwood Grand and Union Square Residences, together with joint-venture schemes including CanningHill Piers and Zyon Grand, further lifted development profits.
Hotel operations swung from a S$84.4 million pre-tax loss in 1H 2025 to a S$42.0 million pre-tax profit, helped by a 4.9 % rise in global revenue per available room (RevPAR) to S$161.9 and foreign-exchange gains. Investment properties saw thinner earnings as capital-recycling gains fell and assets divested in 2025 no longer contributed.
Net gearing, after fair-value adjustments, crept up to 75 % from 71 % at end-2025, reflecting land payments for two government land-sale sites at Tanjong Rhu Road and Peck Hay Road secured in February and June respectively. These parcels will add about 900 units to CDL’s residential pipeline, which now totals roughly 2,200 homes. In the first half, the group and its joint-venture partners sold 352 Singapore units worth S$892.2 million, led by 83 % take-up at the 246-unit Newport Residences launched in January.
CDL ended the period with S$2.0 billion in cash and S$4.9 billion in cash and undrawn committed facilities. Its office and retail portfolios in Singapore were 96.9 % and 97.7 % let, respectively, both above the market average. In hospitality, asset-enhancement works continued: Millennium Premier Hotel New York Times Square reopened in June after renovation, while upgrades at M Hotel Singapore, Copthorne King’s Hotel and Millennium Hotel London Knightsbridge are scheduled through 2027. Construction of the 263-room M Social Hotel Sunnyvale in California remains on track for completion in the fourth quarter of 2026.
Executive chairman Kwek Leng Beng said the first-half earnings rebound underscored the resilience of CDL’s diversified portfolio and noted that cost discipline and asset quality had underpinned the performance. Group chief executive Sherman Kwek added that the external environment remains volatile amid geopolitical tensions and shifting capital-market conditions; he said management will keep focusing on portfolio quality, earnings visibility and capital recycling. The outcome of an ongoing strategic review, aimed at mapping the group’s next phase of value creation, is scheduled for announcement by end-September 2026.