SINGAPORE – Strong demand for residential properties and the completion of an executive condominium helped City Developments Limited (CDL) more than triple its net profit for the first half of 2026.
An interim dividend of six cents per share, double the amount paid in the first half of 2025, was also declared.
CDL said on Aug 13 that a major contributor to its results was Lumina Grand, a fully sold 512-unit executive condominium in Bukit Batok.
The project obtained its temporary occupation permit in April, allowing CDL to recognise its revenue and profit in full under the accounting rules for executive condominiums.
There was also high demand for units at Newport Residences, a 246-unit luxury development in Anson Road. Since its launch in January, the freehold project has achieved strong take-up, with 203 units, or 83 per cent of the development, sold to date.
The developer said its other projects, including The Myst and Norwood Grand, as well as joint venture developments CanningHill Piers, Zyon Grand, The Orie and Kassia, also contributed to the strong performance.
CDL said net profit rose 230.7 per cent to $301.6 million for the six months ended June 30, from $91.2 million a year earlier, on the back of a 61.1 per cent year-on-year jump in revenue to $2.72 billion.
The property development segment saw revenue surge 166.8 per cent over the same period.
CDL also added about 900 units to its future residential pipeline after acquiring two government land sale sites during the first half of 2026.
It paid $709.3 million for a Tanjong Rhu Road site, where it plans to build 515 homes, and $542.4 million for a Peck Hay Road plot that could yield 380 units.
Its Singapore residential development pipeline now comprises about 2,200 units.
The hotel business also returned to profitability, posting a pre-tax profit of $42 million, compared with a loss of $84.4 million a year earlier.
The turnaround was supported by higher revenue and a net foreign-exchange gain arising from the Singapore dollar’s appreciation.
Hotel revenue grew 6.4 per cent while revenue per available room – a measure of hotel performance – rose 4.9 per cent to $161.90.
However, CDL’s investment properties division was affected by lower gains from asset sales and the loss of income from properties divested in 2025.
