City Developments Limited (CDEVY) on Wednesday said its Singapore property development business remained resilient in the first quarter of 2026, although sales declined from the prior year due to fewer large-scale project launches.
In Singapore, the group and its joint venture associates sold 242 units with a sales value of S$609.6 million in the quarter, compared with 795 units worth S$1.900 billion a year earlier.
Sales in the latest quarter were mainly driven by the launch of the 246-unit Newport Residences project in January 2026.
The company plans to launch the 570-unit Lucerne Grand project near Jurong Lake Gardens in the third quarter of 2026.
In China, the group's subsidiary CDL China Limited and its joint venture associates sold 36 residential, office and retail units with a total sales value of S$29.3 million during the quarter.
In its investment property segment, the group's Singapore office portfolio maintained committed occupancy of 96.9% as of March 31, 2026, and the retail portfolio recorded occupancy of 96.8%.
The group's UK commercial portfolio achieved occupancy of 85.8% as of March 31, 2026.
For hotel operations, global revenue per available room increased 4.3% year-on-year to S$144.8 in the first quarter, supported by stronger performance in Singapore, Australasia, Europe and New York.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.