SG60 Spotlight: City Developments Ltd (CDL)

18 Jul 2025

From Shophouses to Skyscrapers: The Property Giant That Built Modern Singapore

In this SG60 series, we’re spotlighting companies that shaped — and are still shaping — Singapore’s future. Few names are as tied to our city’s transformation as City Developments Ltd (CDL).

Whether you’ve stayed at a Millennium hotel, visited South Beach, or walked past the Republic Plaza in Raffles Place — you’ve likely encountered CDL’s work.

Humble Beginnings in a Growing Nation

Founded in 1963 — just two years before Singapore’s independence — CDL started out as a residential property developer building low-cost housing and small commercial units.

It quickly grew with the nation, riding on Singapore’s industrialisation and population boom. By the 1980s, CDL had become one of the country’s largest private-sector property developers. It was behind many firsts:

One of the earliest private condos in Singapore

Pioneering luxury developments in Orchard

Joint ventures to build hospitality assets overseas

CDL became a listed company on SGX in 1963 and remains part of the Hong Leong Group.

Global Ambition, Local Heart

Today, CDL is a global real estate company with a presence in over 30 countries. Its portfolio includes:

Residential and commercial developments

Integrated mixed-use projects (e.g. Quayside Isle, South Beach)

Hospitality (Millennium & Copthorne Hotels across 80+ locations)

Sustainable and ESG-compliant green buildings

Real estate investment management (via REITs like CDL Hospitality Trusts)

Its strength lies in balancing long-term asset value with sustainable urban development — positioning it as a leading name in both local and international markets.

Stock & Market Performance

CDL (SGX: C09) is one of the most tracked real estate stocks on the SGX and a component of the MSCI Singapore Index. Recent trends:

In 2023–2024, CDL recovered from post-pandemic lows, supported by hotel rebounds, strong residential take-up, and sustainable development initiatives.

It has embarked on asset unlocking strategies through divestments and REIT structures.

The stock has historically shown resilience in downcycles due to recurring income from hotels and rentals.

As at mid-2025, CDL continues to trade at a discount to book value, making it attractive for value investors with a long-term outlook on property and hospitality.

Why Investors Are Watching CDL Now

Exposure to Singapore’s resilient housing market

Reopening and travel recovery lifting hospitality income

Urban sustainability push and decarbonisation commitments

Stable dividend yield and NAV-backed growth potential

Plus, with Singapore planning long-term growth areas like the Greater Southern Waterfront and Tengah town, CDL is well positioned to tap into future urban expansion.

Your Turn: Trade CDL on Phillip Nova

City Developments Ltd isn’t just a real estate company — it’s a piece of Singapore’s cityscape and investment history.

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