City Developments Ltd (C09) reported that it and its joint-venture partners sold 242 residential units in Singapore during the quarter ended Mar, 31 2026, generating 609.6 million Singapore dollars in sales value. The quarterly performance was led by the January launch of the 246-unit freehold Newport Residences, where 192 units, or 78%, have been taken up at an average 3,200 Singapore dollars per square foot.

Overall, Singapore developers sold 2,013 private homes (excluding executive condominiums) in the period, compared with 3,375 units a year earlier, while prices edged up 0.9% quarter-on-quarter. City Developments’ previously launched projects The Orie, The Myst, Zyon Grand and Norwood Grand are each more than 88% sold, and Union Square Residences is over 40% sold.

The group secured a 131,744-square-foot government land parcel at Tanjong Rhu Road for 709.3 million Singapore dollars in Feb, 2026, and plans to launch the 570-unit Lucerne Grand at Lakeside Drive in the third quarter. Two executive-condominium projects in Woodlands Drive 17 and Senja Close, totaling 732 units, are scheduled to launch in the first quarter of 2027.

In overseas development, 68% of the 56-unit Fitzroy Fitzroy project in Melbourne is sold, while 97% of the 158-unit Brickworks Park in Brisbane is taken up. In China, 36 units were sold for 29.3 million Singapore dollars in the quarter, and the Hong Leong Larimar Center in Suzhou recorded 31 units sold since a soft launch in Mar, 2026.

The Singapore office portfolio achieved 96.9% committed occupancy versus the island-wide 89.2%, with 184,000 square feet of leases signed or renewed in the quarter. Retail assets held a 96.8% occupancy rate, led by City Square Mall at 97.8%. In London, the commercial portfolio was 85.8% occupied with a weighted average lease expiry of 6.6 years.

Global hotel operations delivered a 4.3% year-on-year rise in revenue per available room to 144.8 Singapore dollars, driven by gains in Singapore (+7.5%), Australasia (+17.7%), Europe (+4.7%) and New York (+4.0%). The group continues refurbishments at M Hotel Singapore, Millennium Hotel London Knightsbridge and Millennium Broadway Times Square, and is building the 263-room M Social Hotel Sunnyvale for completion in Q4 2026.

Net gearing stood at 72% as of Mar, 31 2026, reflecting the Tanjong Rhu acquisition, while interest cover was 2.7 times. Cash reserves amounted to 2.1 billion Singapore dollars, bolstered by 4.3 billion Singapore dollars in cash and undrawn facilities. Capital recycling remains active; all 27 strata units at Fortune Centre have been sold, with final completions expected by early Jun, 2026.

The company stated it will maintain disciplined execution and portfolio optimisation amid ongoing geopolitical and macroeconomic uncertainties.