City Developments Limited (CDL)

In Q3 2023, CDL Group and its joint venture (JV) associates sold 183 units with a total sales value of S$325 million (Q3 2022: 95 units with a total sales value of S$281 million). Sales were largely driven by the launch of The Myst in July.

For the first nine months ended 30 September 2023 (YTD Sep 2023), the Group and its JV associates sold 691 units with a total sales value of S$1.4 billion (YTD Sep 2022: 802 units with a total sales value of S$1.9 billion). Private residential property prices showed resilience despite macroeconomic concerns, achieving moderate growth in Q3 2023.

The Group’s hotels continued a strong recovery momentum. Global Revenue Per Available Room (RevPAR) rose 31.6% to S$163.6 for YTD Sep 2023 (YTD Sep 2022: S$124.3). All regions achieved a higher RevPAR, with Asia and Australasia showing the greatest improvement, increasing 62.1% and 67.5% respectively. RevPAR for YTD Sep 2023 also exceeded YTD Sep 2019 levels by 20.0%, attributed mainly to higher room rates.

As at 30 September 2023, the Group’s net gearing ratio (after factoring in fair value on investment properties) stands at 58%, following the completion of various acquisitions in 2023, including St Katharine Docks, two hotels and several PRS assets.

Please click here for CDL’s full operational updates. 

CDL Hospitality Trusts (CDLHT)

CDLHT achieved a strong year-on-year (“yoy”) improvement in performance in 3Q 2023, which reflects the continued recovery in international travel. RevPAR growth was recorded across most portfolio markets, with seven hotels having achieved their highest 3Q RevPAR. CDLHT’s 3Q 2023 gross revenue grew by 19.7% (or S$11.6 million) yoy to S$70.1 million, of which S$6.0 million of the increase was contributed by its Singapore Hotels. In tandem with the higher revenue, net property income (“NPI”) increased by 23.3% (or S$7.4 million) yoy to S$39.0 million for 3Q 2023.

For the first nine months ended 30 September 2023, CDLHT’s gross revenue increased by 20.4% (or S$32.1 million) yoy to S$189.3 million, of which S$21.7 million and S$11.9 million of the increase was attributed to the Singapore Hotels and the overseas portfolio (excluding the New Zealand Hotel) respectively. The improvement was partially offset by lower contribution from the New Zealand Hotel, following the reversion to public trading from 2Q 2022 onwards, after its exit from the government isolation programme.

In tandem with the increased revenue, NPI increased by 23.3% (or S$19.3 million) yoy to S$101.9 million for YTD Sep 2023. The higher NPI was largely attributed to the Singapore, Germany, Italy and Japan portfolios, which increased collectively by S$21.5 million yoy. This improvement includes higher NPI from Claymore Connect, which increased by 63.9% or S$1.6 million. These increases were partly offset by lower NPI from the New Zealand Hotel and Maldives Resorts, which declined collectively by S$3.7 million yoy for YTD Sep 2023.

The Managers continue to explore investment opportunities through asset enhancements. Grand Copthorne Waterfront Hotel, a major asset, has completed the full renovation of all of its rooms and meeting spaces, solidifying its position as a leading conference hotel in Singapore for years to come. Enhancements to the public areas of W Hotel are substantively completed while that of Grand Millennium Auckland are ongoing, which will augment their competitive standing in the respective markets.

*Please click here for CDLHT's full operational updates.