City Developments Limited (CDL) is one of the largest real estate companies in Singapore, with a global presence in over 100 locations in 28 countries. The company has been in operation for more than 50 years and is listed on the Singapore Exchange (SGX). CDL’s portfolio comprises a wide range of properties, including residential, commercial, and industrial developments, hotels, and integrated developments.
CDL was founded in 1963 as a property development company by Kwek Hong Png. The company started with small-scale projects, such as the development of apartments and landed properties in the prime districts of Singapore. As the company grew, it expanded its operations to other countries, including the UK, Australia, and Japan.
In the 1980s, CDL ventured into the hospitality industry, acquiring hotels in Singapore, Australia, and New Zealand. The company also diversified into property management, facilities management, and engineering services. Today, CDL is a diversified real estate company with a strong presence in Singapore and a growing global footprint.
CDL’s portfolio includes residential properties, such as condominiums, landed homes, and executive condominiums, as well as commercial and industrial properties, including office buildings, business parks, and warehouses. The company has also developed several integrated developments, such as South Beach, a mixed-use development that comprises office, retail, residential, and hotel components.
CDL has a strong presence in the hospitality sector, with a portfolio of over 100 hotels and serviced residences in more than 20 countries. The company owns and manages hotels under various brands, including Millennium Hotels and Resorts, Copthorne Hotels, and M Hotel. CDL has also ventured into the luxury hospitality segment, with the launch of its first ultra-luxury hotel, The Residence at Singapore Recreation Club, in 2019.
CDL is committed to sustainable development and has implemented several initiatives to reduce its environmental footprint. The company has set a target to achieve net-zero carbon emissions by 2050 and has launched several initiatives to achieve this goal. CDL has invested in renewable energy, such as solar panels and energy-efficient lighting, in its properties. The company has also implemented green building features, such as rainwater harvesting systems and green roofs, in its developments.
In 2017, CDL launched its Eco-Office programme, which is a certification scheme that encourages tenants to adopt environmentally sustainable practices in their offices. The programme has been implemented in several of CDL’s office buildings, and tenants who achieve the certification are eligible for rental rebates.
CDL is also committed to social sustainability and has implemented several community outreach initiatives. The company has launched the CDL Future Value 2030 sustainability blueprint, which outlines its commitment to creating a positive impact on the community. CDL has also launched several initiatives to support the arts, education, and social welfare, such as the CDL Singapore Young Photographer Award and the CDL-Tampines West Community Development and Welfare Fund.
CDL has a strong financial track record, with a solid balance sheet and consistent profitability. In 2020, the company reported a revenue of SGD 2.5 billion and a net profit of SGD 318 million. CDL’s total assets were valued at SGD 23.5 billion as of December 2020, and the company has a strong liquidity position with cash and cash equivalents of SGD 3.7 billion.
CDL’s strong financial position has allowed the company to pursue growth opportunities, both in Singapore and globally. In recent years, CDL has expanded its global footprint through acquisitions and partnerships. In 2019, the company entered into a joint venture with China’s leading property developer, Vanke, to develop a residential project in Singapore. CDL also acquired a 51% stake in Sincere Property Group, a real estate company in China, to expand its presence in the country.
CDL’s financial strength has also enabled the company to weather the challenges posed by the COVID-19 pandemic. Despite the pandemic’s impact on the global economy, CDL reported a net profit of SGD 141.2 million for the first half of 2021, a significant improvement compared to the same period in 2020.
CDL is led by a team of experienced executives, with a strong track record in the real estate industry. Mr. Kwek Leng Beng, the Executive Chairman of CDL, has been with the company for over 40 years and has played a key role in its growth and expansion. Mr. Sherman Kwek, the Group CEO of CDL, is a third-generation member of the Kwek family and has been with the company for over a decade.
Under their leadership, CDL has received several accolades for its performance and sustainability efforts. In 2020, CDL was ranked as the top real estate company in Singapore and the fourth most sustainable company in Asia by Corporate Knights, a global sustainability research firm.
CDL is a leading real estate company in Singapore, with a diversified portfolio and a global presence. The company’s commitment to sustainability, strong financial position, and experienced leadership team have enabled it to pursue growth opportunities and weather the challenges posed by the COVID-19 pandemic.
CDL’s focus on sustainable development and community outreach initiatives also demonstrates its commitment to creating a positive impact on the community. As CDL continues to expand its operations globally, it is well-positioned to capitalize on opportunities in the real estate market and continue its growth trajectory in the years ahead.