CDL’s Singapore property sales fall to S$609.6 million in Q1, global hotel RevPAR rises 4.3%

[SINGAPORE] City Developments Ltd (CDL) posted a decline in its first-quarter Singapore property sales, while its global hotel operations recorded higher revenue per available room (RevPAR).

For the three months ended Mar 31, the group and its joint venture associates sold 242 units with a total sales value of S$609.6 million.

This was down from the year-ago period’s 795 units with S$1.9 billion in sales value.

The sales were driven mainly by the launch of its 246-unit freehold Newport Residences in January, the developer said in an operational update on Wednesday (May 20).

It noted that in contrast, its Q1 2025 showing benefited from the launch of the larger 777-unit The Orie.

Newport Residences recorded an average selling price of about S$3,200 per square foot. To date, it has sold 192 or 78 per cent of the units.

In February, CDL clinched a government land sales parcel at Tanjong Rhu Road in a joint venture for S$709.3 million, or S$1,455 per square foot per plot ratio.

The group’s hotel operations recorded a 4.3 per cent increase in global RevPAR to S$144.80 for the latest quarter, from S$138.80 the year before. This was on the back of RevPAR growth in Australasia (17.7 per cent), Singapore (7.5 per cent), Europe (4.7 per cent) and New York (4 per cent), it said.

As at Mar 31, CDL’s net gearing ratio stood at 72 per cent, factoring in the fair value of investment properties and the Tanjong Rhu acquisition. Its interest cover stood at 2.7 times.

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It maintained "strong” cash reserves of S$2.1 billion, supported by S$4.3 billion in cash and undrawn committed credit facilities.

“The group remains resilient amid ongoing geopolitical uncertainties, such as conflict in the Middle East, evolving trade policies, inflationary pressures and energy costs,” CDL noted.

“While global macroeconomic headwinds may lead to cautious sentiment, the group’s diversified portfolio remains healthy and stable.”

Shares of CDL closed 1.8 per cent or S$0.15 lower at S$8.07 on Wednesday, before the update.