City Developments Limited (CDL) is a Singapore-based real estate company that has been in operation since 1963. Over the years, CDL has expanded its operations globally and is now present in 30 countries across the world. The company has a diverse portfolio of properties that includes residential, commercial, and industrial properties, as well as hotels and serviced apartments.
Recent Developments
In the last few years, CDL has focused on expanding its presence in key markets across the globe. In 2018, the company entered into a joint venture with China’s largest developer, Vanke, to develop a residential project in Hong Kong. The project, called The Pavilia Bay, is a luxury residential development that is situated in the Tai Po district of Hong Kong. The development consists of 983 units, ranging from one to four-bedroom apartments, and is set to be completed in 2022.
In addition to its joint venture with Vanke, CDL has also been actively investing in the Australian property market. In 2018, the company acquired a 51% stake in Dalian Wanda’s Australian property portfolio for A$320 million. The portfolio includes three development projects in the Gold Coast and Sydney, which are expected to be completed by 2023.
CDL has also been expanding its hotel portfolio in recent years. In 2019, the company acquired the Millennium and Copthorne Hotels in New Zealand for NZD 211 million. The portfolio includes seven hotels, located in key tourist destinations across the country.
Sustainability Efforts
In recent years, CDL has also been focusing on sustainability efforts in its operations. In 2020, the company was ranked the world’s most sustainable real estate company for the second consecutive year by the Global Real Estate Sustainability Benchmark (GRESB).
One of CDL’s key sustainability initiatives is its Green Academy, which aims to educate its staff and stakeholders on sustainable practices. The company also has a number of green building certifications, including the Building and Construction Authority’s (BCA) Green Mark certification and the Leadership in Energy and Environmental Design (LEED) certification.
CDL has also set targets to reduce its carbon emissions by 38% by 2030 and achieve net-zero carbon emissions by 2050. The company has also committed to reducing its water and energy consumption by 30% by 2030.
COVID-19 Impact
Like many other companies, CDL has been impacted by the COVID-19 pandemic. In 2020, the company reported a net loss of SGD 1.9 billion, compared to a net profit of SGD 564 million in the previous year. The loss was primarily due to impairment charges and fair value losses on its investment properties.
Despite the challenges posed by the pandemic, CDL has continued to pursue its expansion plans. In 2020, the company entered into a joint venture with CapitaLand to redevelop the Liang Court site in Singapore. The development, which is set to be completed in 2024, will include a new integrated development comprising of residential, commercial, and hospitality components.
Conclusion
City Developments Limited has come a long way since its inception in 1963. The company has expanded its operations globally and has a diverse portfolio of properties. In recent years, CDL has been focused on expanding its presence in key markets across the globe, while also making efforts to promote sustainability in its operations. Despite the challenges posed by the COVID-19 pandemic, CDL has continued to pursue its expansion plans and is well-positioned to continue its growth in the years to come.