Is City Developments Limited (CDL) profitable in 2025?

Yes. CDL's FY2025 (year ended 31 Dec 2025) PATMI tripled to S$629.7 million, up roughly 212-225% year on year, on group revenue of S$3.6 billion, up 9.7%, driven largely by a 24.1% jump in property development revenue, per its FY2025 results released around 27 Feb 2026.

Who owns City Developments Limited?

CDL is majority controlled by Singapore's Kwek family via Hong Leong Group. Kwek Leng Beng has been Executive Chairman since 1995, and his son Sherman Kwek has been Group CEO since January 2018. It is publicly listed on SGX as C09, founded 7 September 1963.

Is CDL a risky company to join right now given the family feud?

There is real governance volatility: a Feb-Mar 2025 lawsuit saw Kwek Leng Beng try to remove CEO Sherman Kwek, halting share trading on 26 Feb 2025 before being dropped 12 March 2025. Kwek Leng Peck, central to a 2020 board dispute, rejoins as vice-chairman 1 June 2026, a flagged re-ignition risk.

Could AI replace City Developments Limited's business?

No. CDL's value rests on owned land banks, freehold titles, 161+ physical hotels, and decades-long government land-tender relationships, none of which AI can replicate. AI may affect marginal workflows like hotel revenue management, but as of mid-2026 no CDL-specific AI displacement or deployment has been documented.

Who is CDL's biggest competitor?

CDL competes with fellow Singapore blue-chip developers CapitaLand, UOL Group, Frasers Property, and Mapletree Investments. In July 2026 a Frasers Property-led consortium outbid CDL's group for the Bayshore Drive GLS site, S$2.13 billion versus CDL's S$2.01 billion bid.

How much debt does CDL carry and is it a risk?

CDL's gross borrowings stood at S$13.4 billion with net gearing of 71% as of 31 December 2025, up from 69% in FY2024, though average borrowing cost fell from 4.4% to 3.7% over the year and cash plus undrawn credit facilities totaled S$4.2 billion, per CDL's FY2025 results.

Real estate developers · Singapore

City Developments Limited

cdl.com.sg ↗

Singapore-listed developer and hotel owner controlled by the Kwek family since 1963.

Defensible for now

Assessed 25 July 2026 · Evidence as of 25 July 2026

Real protection, with named pressure against it.

On the recordSince 25 July 2026 · Checkable from 1 June 2026 · Every call on the record Checkpoint: Kwek Leng Peck returns to CDL board as vice-chairman, the same figure at the center of the 2020 dispute

The call

CDL's hotels and land hold their value; the open question is whether the Kwek family can stay out of court long enough to enjoy it.

City Developments Limited owns real estate, hotels, and land across Singapore and runs 161 hotels worldwide. It is hard to replace because it owns the land outright (not rented), has long-term government relationships, and controls valuable city-center properties that took decades to assemble, but none of these advantages are threatened by competitors or artificial intelligence.

Why

AI pressure: None apparent. Real estate and hotel ownership rest on land titles and physical assets, not something a chatbot or agent can copy or replace. Could AI do the core job? Unlikely.

Bigger players: None apparent. No single big-tech or global developer is displacing CDL; its risks come from inside the boardroom, not outside rivals. Could a giant copy it? Probably.

What protects it. Freehold land bank, 161+ hotels, and government tender relationships built over six decades give it assets rivals cannot quickly replicate.

What would change this call

Kwek Leng Peck's board conduct as vice-chairman after his 1 June 2026 return. Would show whether the 2020/2025 family governance rupture is re-igniting or truly settled.
Sell-through rates on CDL's next two Singapore residential launches. Would show if CDL's pricing power and demand are holding versus UOL and CapitaLand projects.
CDL's net gearing figure in FY2026 results (due ~Feb 2027). Would show if leverage is easing or worsening under prevailing interest rates.

Key numbers

FY2025 revenue S$3.6 billion, up 9.7% year on year (2025-12-31)
PATMI S$630 million, up 212% year on year (2025-12-31)
Net gearing 71% on S$13.4 billion borrowings (2025-12-31)

Named risks

Recurring Kwek family governance disputes, most recently Feb-Mar 2025, with Kwek Leng Peck's June 2026 board return flagged as re-ignition trigger. Severity: high
High leverage: 71% net gearing and S$13.4bn borrowings exposed to rate-cycle swings. Severity: medium
Unresolved Millennium & Copthorne NZ minority shareholder dispute after failed 2025 takeover bid. Severity: medium
Losing competitive GLS tenders to rivals such as Frasers Property, reducing land bank growth. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Frasers Property	losing to	CDL group's S$2.01bn Bayshore Drive GLS bid beaten by Frasers-led S$2.13bn bid, 16 Jul 2026
CapitaLand	contesting	Co-bids and competes on Singapore GLS sites; both blue-chip diversified developers as of 2026
UOL Group	contesting	Paired as top Singapore blue-chip developers, both posting strong FY2025 results, 2 Mar 2026
Mapletree Investments	contesting	Larger by assets under management in some segments per analyst commentary, Jan 2025

Questions people ask

Is City Developments Limited (CDL) profitable in 2025?: Yes. CDL's FY2025 (year ended 31 Dec 2025) PATMI tripled to S$629.7 million, up roughly 212-225% year on year, on group revenue of S$3.6 billion, up 9.7%, driven largely by a 24.1% jump in property development revenue, per its FY2025 results released around 27 Feb 2026.
Who owns City Developments Limited?: CDL is majority controlled by Singapore's Kwek family via Hong Leong Group. Kwek Leng Beng has been Executive Chairman since 1995, and his son Sherman Kwek has been Group CEO since January 2018. It is publicly listed on SGX as C09, founded 7 September 1963.
Is CDL a risky company to join right now given the family feud?: There is real governance volatility: a Feb-Mar 2025 lawsuit saw Kwek Leng Beng try to remove CEO Sherman Kwek, halting share trading on 26 Feb 2025 before being dropped 12 March 2025. Kwek Leng Peck, central to a 2020 board dispute, rejoins as vice-chairman 1 June 2026, a flagged re-ignition risk.
Could AI replace City Developments Limited's business?: No. CDL's value rests on owned land banks, freehold titles, 161+ physical hotels, and decades-long government land-tender relationships, none of which AI can replicate. AI may affect marginal workflows like hotel revenue management, but as of mid-2026 no CDL-specific AI displacement or deployment has been documented.
Who is CDL's biggest competitor?: CDL competes with fellow Singapore blue-chip developers CapitaLand, UOL Group, Frasers Property, and Mapletree Investments. In July 2026 a Frasers Property-led consortium outbid CDL's group for the Bayshore Drive GLS site, S$2.13 billion versus CDL's S$2.01 billion bid.
How much debt does CDL carry and is it a risk?: CDL's gross borrowings stood at S$13.4 billion with net gearing of 71% as of 31 December 2025, up from 69% in FY2024, though average borrowing cost fell from 4.4% to 3.7% over the year and cash plus undrawn credit facilities totaled S$4.2 billion, per CDL's FY2025 results.

Timeline

2026-07-16Frasers Property-led consortium outbids CDL group for Bayshore Drive GLS site, S$2.13bn vs S$2.01bn
2026-06-01Kwek Leng Peck rejoins CDL board as non-executive director and vice chairman
2026-02-27CDL reports FY2025 PATMI of S$629.7m, up ~212% YoY, revenue S$3.6bn
2026-02-02Newport Residences launch sells 57% (140/246 units) at avg S$3,370 psf
2026-02CDL announces revised dividend policy, minimum 35% PATMI payout ratio
2025-05CDL's NZ$2.25/share takeover bid for Millennium & Copthorne NZ lapses
2025-03-12Kwek Leng Beng drops lawsuit; Sherman Kwek retains CDL CEO role
2025-02-26Trading in CDL shares halted amid Kwek family boardroom feud
2019CDL privatises London-listed Millennium & Copthorne Hotels plc
1963-09-07City Developments Limited founded

Revision history

25 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

In the same band

AECOM PulteGroup Taylor Morrison Home