History of City Developments in Singapore Property Industry

City Developments Limited (CDL) is a Singapore mainboard-listed real estate company operating internationally across 100 locations in 28 countries. Being one of the largest companies by market capitalisation, it derives a stable stream of revenue and income from a diversified portfolio. Its portfolio is made up of hotels, serviced apartments, commercial offices, residential development, integrated developments and shopping malls which are geographically diversified for better business risk management.

Being one of the world’s largest hotel groups via its London-listed subsidiary, Millennium & Copthorne Hotels plc (M&C), has more than 130 hotels globally, many in key gateway cities.

CDL has developed more than 40,000 residential properties in Singapore. It is considered one of the largest commercial landlord and has one of the largest land bank amongst the top property developers in Singapore.

Building on its track record of over 50 years in real estate development, investment and management, CDL continues to explore growth in five key international markets – UK, US, China, Japan and Australia.

Mission
As a trusted property pioneer and a global hotelier, City Developments Limited (CDL) builds value everywhere we go.

• We build quality and innovative spaces to house desirable homes, competitive businesses and secure investments
• We build sustainable profitability while conserving the environment
• We build partnerships to achieve better results
• We build engaging careers so staff can grow with the company
• We build bonds with the community by supporting worthy causes

City Developments early days in Singapore property development

CDL began in a small, rented office in Amber Mansions in 1963 with a humble but determined eight employees. They started to acquire land for property development for sale. City Developments Limited went public in November 1963 and listed its shares on the Malayan Stock Exchange (now known as Kuala Lumpur Stock Exchange).

The Early Years of City Developments Limited (CDL)
In 1965, CDL pioneered the concept of “show flat” for its first housing project, Fresh Breezes in Johor Bahru. City Towers was CDL first venture into high-rise residential development in Singapore. They went on to develop Clementi Park which was the first full condominium concept project then.

The Sail @ Marina Bay is a waterfront lifestyle residential condominium in the Marina Bay that was completed in 2008. The building is 245 m with 70 storeys and stands amongst some of the tallest residential property in Singapore, offering panoramic city view of Marina Bay and its surrounding. Some notable landmarks nearby are Marina bay Sands, Esplanade and Suntec City which offers unique mix of arts and musical exhibitions all year round. The Sail @ Marina Bay has a subterranean connection to Downtown MRT Station and Raffles Place MRT Station allowing residents to travel around Singapore conveniently.

A New Beginning in Singapore Property Development
In 1972, the Hong Leong Group, under the guidance and leadership of founder, the late Mr Kwek Hong Png, obtained a controlling interest in CDL. It started on strategic diversification into investment properties by first acquiring Guan Realty (Private) Limited. This newly acquired subsidiary later developed City Plaza in Paya Lebar and became the first mixed use Development in 1980.

Singapore property pioneer CDL expands into Hotels

With the late Mr Kwek’s aspiration and strong business acumen, CDL emerged as a major property developer in Singapore. In the 1980s, CDL launched more than 20 residential properties and completed over 12 investment properties such as City House in the Central Business District, which later became CDL’s headquarters.

 

First foray into hotel acquisition
CDL made its maiden foray into the hospitality industry with the development of King’s Hotel which is now renamed as Copthorne King’s Hotel . Orchid Inn is now redeveloped into a residential project calld The Glyndebourne at about this time. This was followed by rapid expansion and regionalisation throughout good strategic business plans and timely execution.

Today, CDL’s hospitality arm, Millennium & Copthorne Hotels plc (M&C) is Singapore’s largest international hotel group, hotel owners and operators in the world. Learn more about  the heritage of Millennium & Copthorne Hotels which began in 1989 with 6 Asian hotels here.

Fund Management
CDL is focused on delivering long term sustainable value to its shareholders by enhancing the performance of our portfolio through active asset management. The active asset management approach strengthens its income stream while preserving and increasing their asset value.

To complement its deep expertise in property development, CDL has been accelerating the momentum of its investments, diversifying its geographic base and increasing its fund management business.

Apart from generating attractive long-term returns for its investors and shareholders, the fund management platform allows for better diversification of earnings, development of recurring income streams and expansion of its investor base. This strategy will enable CDL to tap on the growing appetite of institutional investors for unlisted real estate funds and concurrently deliver a higher return on equity to shareholders.

CDL’s goal is to be a leading fund manager in Asia and targets to achieve US$5 billion in Assets Under Management (AUM) by 2030. It plans to launch a first series of close-ended, co-mingled funds focusing on core, core plus and opportunistic real estate investments in Asia Pacific by 2019.

CDL Hospitality Trusts (CDLHT) –is part of the CDL Group’s portfolio listed on the Singapore Exchange. It owns and manages 18 properties and retail mall in several countries such as Singapore, Australia, UK and Japan to leverage its expertise in hospitality management and expands its global outreach.

The CDLHT comprises of two entities:

1. CDL Hospitality Real Estate Investment Trust (H-REIT), a real estate investment trust
2. CDL Hospitality Business Trust (HBT), a business trust.

As of 2018, CDLHT is regarded as a leading hospitality trusts with assets valued at S$2.7 billion in Asia.

South Beach Residences by City Developments and IOI 
South Beach Residences is a joint development between City Developments Limited and IOI Properties Group Berhad designed by Foster + Partners. It is an integrated development that gracefully blends the  iconic residence with four historic buildings and a Grade A office tower.

This iconic building is the latest addition to the skyline of Singapore that enjoys panoramic view of the Marina Bay and City Hall. The residents will get a bird’s eye view for the famous F1 racing during the season.

50 years of distinction in Singapore property

With over five decades of track record, City Developments has built a distinctive legacy of industry leadership and championing green buildings, fueled by its vision to conserve as they construct. It looks forward to achieving new milestones as it continue to transform the eco-landscape as well as to set benchmarks in innovation and sustainable developments. And to press on for its biggest reward – a better home for everyone to live in. Read more details about the milestones and heritage of City Developments here for a deeper insight into their history in Singapore property.