CDL gunning for recurring Ebitda of S$900m in 10 years

Singapore

PROPERTY and hotels group City Developments, which posted stronger second quarter and first-half bottomlines, has set a 10-year target to grow its annual recurring earnings before interest, tax, depreciation and amortisation (Ebitda) to S$900 million.

In the first half of this year, recurring Ebitda was S$290 million. For FY2017, the figure was nearly S$600 million.

CDL's group chief executive, Sherman Kwek, outlined three strategies to achieve the increase in Ebitda.

First, CDL will work more closely with its London-listed hotels arm, Millennium & Copthorne Hotels, "to drive our hotel performance".

Secondly CDL will need to be…