City Developments Limited (CDL) sold 88 units totaling $313.2 million in sales value for the third quarter of FY2025 ended Sept 30, down from 321 units worth $611.1 million in the same period last year.
Sales were driven by existing projects as no new launches occurred during the quarter. In contrast, last year's performance was bolstered by the July launch of Kassia, a 276-unit freehold joint venture project on Upper Changi Road North.
For the first nine months of FY2025, CDL sold 990 units worth $2.5 billion, comparable to the 905 units ($1.8 billion) sold a year earlier. Strong sales were led by The Orie, a 777-unit Toa Payoh joint venture project launched in January, with 730 units (94%) sold to date.
The company acquired three government land sales (GLS) sites this year: the Lakeside Drive parcel in Jurong (June) and two executive condominium (EC) sites in Woodlands Drive 17 and Senja Close (August).
Buying interest remained robust, with the 706-unit luxury Zyon Grand joint venture project with Mitsui Fudosan selling 84% of units during its October launch weekend at an average price of $3,050 psf.
In Australia, Stage 1 of Brisbane's Brickworks Park reached practical completion in July with full sales, while Stage 2 targets Q1 2026 completion. CDL's China operations sold 120 residential, office and retail units worth RMB 263.8 million ($48 million).
Two China projects are advancing: Phase 1 residential sales at Suzhou's Hong Leong Larimar Center (targeting Q1 2026 launch) and construction on a Shanghai Xintiandi mixed-use site (scheduled for Q4 2025 commencement).
Portfolio Performance
CDL's Singapore office portfolio achieved 97.3% occupancy (versus 88.8% island-wide), led by Republic Plaza and City House. Retail properties maintained 96.9% occupancy (93.1% island-wide), with City Square Mall at 98% and Palais Renaissance at 97.6%.
UK office occupancy improved at 125 Old Broad Street (91.1% vs 87.9% in June), while Aldgate House has 52,000 sq ft under offer that could lift occupancy to 98.2%. Phuket's Jungceylon Shopping Center maintained 92% occupancy with 21% rental growth, while China offices stood at 58%.
Living Sector
CDL's UK private rented sector saw 90% occupancy at Leeds' The Junction (665 units), with Birmingham's 370-unit project beginning leasing. Japan's 40-asset portfolio sustained over 95% occupancy, while Australia's The Archive obtained practical completion on Oct 31.
Hotel Operations
Global RevPAR dipped 0.3% to $165.8 for 9MFY2025, with Asia's decline offset by 10.7% growth in UK/Europe following the Hilton Paris Opéra acquisition. Singapore hotels saw 10.6% RevPAR decline due to lower rates and occupancy, impacted by event timing differences year-on-year.
As of Sept 30, CDL's net gearing stood at 69% after acquiring a 51% stake in Shanghai's Xintiandi site. The group maintains $2.5 billion cash reserves and $4.3 billion in available facilities, with interest coverage at 4.0x.
Recent divestments include Piccadilly Galleria ($65.46 million, Nov 7) and the ongoing sale process for Quayside Isle launched in September. CDL shares closed 0.544% lower at $7.31 on Nov 17.