CDL reports 3.9% rise in Patmi in 1H2025 with special dividend of 3 cents
The investment properties segment recorded stable income with a 0.4% increase, supported by higher payments from Republic Plaza, Jungceylon Shopping Mall, City Square Mall and the living field projects in the UK and Japan, countered by lower payments from the Group’s UK commercial estates.
City Developments (CDL) released a 3.9% surge in Patmi to $91.2 million in 1H2025, for the 6 months to June 30. Revenue rose to $1.7 billion in 1H2025, up from $1.6 billion a year ago.
The Group’s performance was adversely affected by net forex losses of $63.1 million in 1H2025 compared to a net forex gain of $51.3 million in 1H2024. Excluding these exchange effects, the Team’s Patmi would have leapt 322.7% to $154.3 million. The depreciation of the US dollar significantly affected the Group, generally as a result of USD-denominated intercompany loans extended to fund previous United States accommodation purchases and operating funding requirements. This net foreign exchange loss, paired with weak performance from the hotel operations section, caused this sector reporting a loss for 1H2025.
As of June 30 the Group managed cash reserves of $1.8 billion and cash and accessible undrawn dedicated bank facilities amounting to $3.5 billion. After factoring in fair value on investment properties, the Group’s net gearing ratio stands at 70% (FY 2024: 69%). Average borrowing costs reduced to 4.0% for 1H2025 (FY2024: 4.4%) following rate cuts across the various jurisdictions. For 1H2025, the Board has announced a special acting reward of 3.0 cents per ordinary share.
Year-to-date, more than $1.5 billion in contracted divestments has been reached. The anticipated finalization of the sale of the Group’s 50.1% stake in the South Beach mixed-use development, with divestment gains of $465 million, is in 3Q2025.
The raise in return and final profit were generated by developed performance in the property development sector, with complete profit acknowledgment from its totally offered joint venture (JV) Executive Condominium (EC) project, Copen Grand, following its finish in April 2025, and other contributing projects consisting of The Myst, Norwood Grand, and also JV projects CanningHill Piers, Tembusu Grand, The Orie and Kassia.
CDL’s NAV as of June 30 was $10.10, down seven cents ever since Dec 31, 2024. Its share cost shut at $6.35 on Aug 12, up 24% this year.
The property development section stayed the largest revenue factor with a 24.3% increase, steered by Singapore plans like The Myst, Norwood Grand and Union Square Residences, along with the divestment of the Ransome’s Wharf website in London’s Battersea area and the sale of the office component of Suzhou Hong Leong City Center in China.
Lesser pre-tax earnings of $139.9 million in 1H2025 was primarily due to a $63.1 million net fx loss and lowered divestment acquires. Excluding the exchange loss, 1H2025 pre-tax revenue would have enhanced by 95.0% on a like-for-like basis. Patmi climbed as a result of a lower tax charge compared to the past year.
The hotel operations segment disclosed a pre-tax loss of $84.4 million in 1H2025, mostly as a result of a net forex decrease from the devaluation of the USD, inflationary cost stress and weak performance in key industry like Singapore and the US.
