City Developments Limited

City Developments Limited
Company typePublic
SGX: C09
Industry
Founded7 September 1963; 61 years ago (1963-09-07)[1]
Headquarters
Singapore
Key people
RevenueDecrease S$3.43 billion[3] (2019)
Decrease S$754 million[3] (2019)
Increase S$565 million[3] (2019)
ParentHong Leong Financial Group
Websitewww.cdl.com.sg

City Developments Limited (CDL), sometimes also known as CityDev,[4] is a Singaporean multinational real estate operating organisation.[5] Founded in 1963, CDL first developed projects in Johor Bahru, Malaysia, as well as in Singapore. Due to geo-political changes, CDL was making a loss before being controlled by Hong Leong Bank via shares acquisition in 1969. Since then, CDL has developed many types of properties from shopping malls to integrated developments.[5] CDL is currently headquartered in Republic Plaza, Singapore. Kwek Leng Beng is its current chairman and Sherman Kwek, Kwek Leng Beng's son, is its current chief executive officer.

History

[edit]

City Developments Limited was founded on 7 September 1963 as a property company, initially starting with eight employees in Amber Mansions on Orchard Road. The company subsequently listed on the Malayan Stock Exchange (present-day Singapore Exchange) in November of the same year.[1]

When the company first started, it built its first project in Johor Bahru, Malaysia; a 200-unit bungalow development called Fresh Breezes, which was completed in 1965.[6] With Fresh Breezes, CDL introduced the concept of a "show house" as a sales technique, which was "believed to be unique in Asia".[7] It allows prospective buyers to preview how a property looks like before buying the property.[7] It built its second project in Johor Bahru called Marine Vista, a project that has expansive views of the Straits of Johor. CDL built its first Singapore project called City Towers in Bukit Timah, which was completed in 1966. This was said to be Singapore's first high-rise project.[1] It also built Singapore's first condominium concept project, Clementi Park, in the same year.[8]

CDL was unprofitable for its first seven years' of operations, with the race riots in 1969 and withdrawal of British troops from Singapore affecting the property markets in Malaysia and Singapore.[9] Thus, CDL was forced to sell its properties in Johor Bahru and consolidated itself into the Singapore market.[9] Hong Leong Group began to invest in CDL in 1969, buying a substantial stake which allowed them to place three directors on CDL's board.[10] In 1972, Kwek Leng Beng, then an executive in Hong Leong Group, led an acquisition of a controlling stake in CDL,[11] transforming CDL into the core publicly traded entity of Hong Leong Group.[12] Kwek Leng Beng later became the managing director of CDL in 1974, and the executive chairman in 1995 after the death of his father, Kwek Hong Png.[12] Kwek Leng Joo, the younger brother of Kwek Leng Beng, became the managing director.[13] Capitalising on the strong economic growth which transformed Singapore into an industrialised nation,[14] CDL grew rapidly with a market capitalisation of S$6 million in 1995.[15] Its flagship building, Republic Plaza, was officially opened on 18 January 1998 by then Prime Minister of Singapore Goh Chok Tong.[16]

With Hong Leong Group's investments into CDL, CDL's industrial properties was offloaded into Hong Leong Holdings, a subsidiary of Hong Leong Group.[15] It then diversified into hospitality industry through the establishment of CDL Hotels International (CDLHI) in 1989.[11] CDLHI acquired hotel properties across Asia, Europe, and United States.[17] Leveraging on the Millennium and Copthorne brands, CDL listed Millennium & Copthorne Hotels (M&C) on London Stock Exchange (LSE) in 1996. More hotel properties and brands were acquired and consolidated under M&C.[17] M&C also would come to manage hotels owned by other firms across the world.[18][19] As part of a restructuring exercise in 1999, CDLHI renamed to City e-Solutions Limited in 2000 with a focus on CDL's efforts to develop hospitality related internet businesses and other e-commerce business initiatives in various industries.[18][20]

During the financial crisis of 2007–2008 of which Singapore was affected,[12][21] its financial performance was affected by its exposure to the Sterling Pound, as the Singapore dollar had strengthened against it, via its United Kingdom-centric M&C.[22] However, it managed to remain one of the largest real estate development firms in Singapore post recession.[23]

In 2014, CDL appointed Grant Kelley into the newly created chief executive officer (CEO) role,[24] capitalising on Kelley's prior international experience.[25] The managing director role was abolished as well, and Kwek Leng Beng became a deputy chairman.[26] Under Kelley's leadership, CDL diversified its operations away from the Singapore market, focusing on the Australian, Chinese, Japanese and British markets.[27] At the same time in 2015, Sherman Kwek, the elder son of Kwek Leng Beng was appointed as a deputy CEO as part of the Kwek family's succession plan in CDL management.[27] In 2018, Sherman Kwek became the chief operating officer.[25]

In June 2019, M&C's board agreed to recommend a takeover offer, valuing the business at £2.23 billion, from CDL for the shares it did not already own.[28] The transaction became unconditional in September 2019.[29] M&C was delisted from LSE on 11 October, and effectively making M&C a full subsidiary of CDL.[30]

In May 2019, CDL made further investments into China with a 24% share acquisition of Sincere Property Group with a RMB 2.75 billion loan and a further RMB 2.75 billion tranche.[31][32] In April 2020, CDL renegotiated with Sincere to increase its shareholding in Sincere to 51.01% of its shares for a further RMB 4.39 billion due to the impact of the COVID-19 pandemic.[31][33] This brought the total investments by CDL up to SGD 1.8 billion.[34] However, new pending regulatory changes in China introduced in August 2020, to limit the amount of debt owed by real estate companies, lead to concerns on Sincere's liquidity position by CDL.[35] At end of 2019, Sincere's liability made up of 68% of its assets, close to the 70% ceiling in the pending regulations.[36]

On 22 October 2020, its announced that Kwek Leng Peck, a cousin of Kwek Leng Beng and a longstanding director resigned in disagreement with CDL's board on the investments into Sincere, and its management of M&C.[35] By 30 December 2020, disagreements over the Sincere investments led to the further resignations of another two independent directors.[37] A working group was established within CDL to directly oversee and improve on Sincere's liquidity and profitability.[38][34] On 26 February 2021, CDL wrote down 93% of its investments, SGD 1.78 billion, for its 2020 fiscal year.[39] In March 2021, Sincere missed a repayment on the principal of a bond, which it alleged that due to key matters requiring CDL's approval, causing Sincere to miss the repayment deadline.[40][41] CDL refuted the claim, stating that the key decisions are jointly agreed upon and it does not have majority control of the board.[40]

In 2024, the company is acquiring Yardhouse in central London for $148.6 million for a 250-year lease and is CDL's first project in the private rented sector in this location. The site will include a 17-storey apartment block and a 7-storey block next to the site for Women's Pioneer Housing (WPH), a not-for-profit organization providing single women with access to safe, secure and affordable housing and services.[42]

Sustainability and social efforts

[edit]

CDL's Chief Sustainability Officer is Esther An, who joined the company in 1995.[43] CDL formalised its sustainability efforts in 1995 with the adoption of its ethos Conversing as we Construct.[44] In 2003, CDL established its corporate environment, health and safety policy.[45] It then acquired ISO 14001 certification (Environmental Management System) from the local governing authority, Building and Construction Authority (BCA) in the same year.[45][46] It subsequently acquired certifications in ISO 50001 – Energy Management System in 2014, and ISO 14064-1 – on quantification and reporting greenhouse gas inventory[47] in 2016, ahead of its competitors in the property development industry.[45]

In 1998, CDL became the first developer to install energy saving lifts, which allowed up to 50% savings of energy usage,[48] in a residential property project, the Florida Executive Condominium.[49] It also installed twin-chute pneumatic refuse collection system in selected condominiums, where refuse and recyclables, disposed separately at residents' doorsteps, being transported to a central collection area.[48][50]

In 2009, CDL developed the 11 Tampines Concourse, Asia's first CarbonNeutral development,[49][51] and City Square Mall, Singapore's first "eco-mall" with a number of eco-friendly facilities.[52][49] In 2012, CDL sought to retrofit Republic Plaza, and upgraded its BCA Green Mark category from Gold to Platinum in the process.[53] Its retrofits included an upgraded chiller plant, energy efficient lights, and motion sensors to reduce energy wastage.[54] In 2017, CDL issued a green bond to repay a loan for the retrofitting efforts, the first such bond in Singapore.[55]

In 2008, CDL adopted Global Reporting Initiative's reporting framework for its sustainability report, becoming the first in Singapore to do so, which eventually was given an A+ rating in 2012's edition.[56] In the same year, CDL also had started disclosing its carbon emissions with the Carbon Disclosure Project publicly, making it the first Singaporean company to do so.[45] CDL would eventually score itself A grades in 2019, making it one of the 170 companies listed on DCP's annual "A List".[57] In 2019, according to Corporate Knights, CDL had the second highest score in terms of sustainability in Asia Pacific. In 2020, the company was ranked third.[58] The reason for this was an increase in energy usage.[58]

In 2015, CDL became the first Singaporean company to embrace the United Nation's Sustainable Development Goals (SDGs).[59] In 2021, CDL aligned their internal environmental, social and corporate governance (ESG) with the United Nation's Sustainable Development Goals (SDGs).[60][61] In 2022, a CDL Future Value 2030 Sustainability Blueprint was produced to further these goals.[60]

In addition, CDL was recognised for gender equality efforts along with DBS Bank in the Bloomberg's inaugural Gender-Equality Index (GEI) published in 2018.[62]

City Developments was among the first five companies based in Singapore to adopt the recommendations of the Task Force on Nature-related Financial Disclosures (TNFD) and commit to including nature-related disclosures in their annual reports. There are 134 companies in the Asia-Pacific region — representing 42 per cent of the total of 320 companies that have accepted the recommendations at an early stage. CDL is set to start publishing from fiscal 2024, with the other four companies starting in 2025.[63]

Group structure

[edit]

In the financial year of 2019, CDL reported having 248 subsidiaries, 53 associated companies, 12 trusts and 6 limited partnerships.[3]

Notable subsidiaries

[edit]

CBM

[edit]

Established in 1971, CBM Pte Ltd provided in-house engineering, cleaning and security services for CDL's properties. In 2007, capitalising on the capabilities in relation to facilities management gained over the years, CBM began taking on contracts from external clients across different sectors, such as Ministry of Defence and Ministry of Home Affairs. In 2011, CBM extended itself into developing carpark equipment for commercial and government owned carparks in Singapore, then carpark management services in Taiwan in 2014.[64]

Millennium & Copthorne Hotels

[edit]

CDL had diversified its property investments after being controlled by Hong Leong Group, beginning with the establishment of CDL Hotels International (CDLHI) in 1989.[11] Through CDLHI, CDL purchased hotels first within the Asian region, then further acquisitions in United States and Europe.[17] With its acquired hotels being renamed to include the Millennium brand,[65] CDLHI established the Millennium Hotels And Resorts global brand in 1995. On 8 October 1995, Aer Lingus sold Copthorne Hotels to CDL for £219,000,000 (equivalent to about £531,763,797 in 2023).[66][67] Millennium & Copthorne Hotels (M&C) was subsequently listed on London Stock Exchange (LSE) in 1996 and more hotel properties and brands were acquired and consolidated under M&C.[17] Concurrently, CDLHI became City e-Solutions Limited to focus on hospitality related internet businesses.[18][20] M&C also would come to manage hotels owned by other firms across the world.[18] In 2019, CDL privatised and made M&C a wholly owned subsidiary.[30]

Notable partnerships

[edit]

In 2018, CDL and CapitaLand teamed up as a consortium for the Sengkang Central tender, which they eventually won with a top bid of S$777.8 million.[68] Details of the development were released the following year with completion by 2022, being a 3.7-hectare mixed-use development next to Buangkok MRT station with a three-storey mall, a hawker centre and childcare centre, a community club which will be Singapore's largest and a 680-unit condominium.[69] The condominium and mall have since been named the Sengkang Grand Residences and Sengkang Grand Mall.[70]

In 2019, CDL became involved in a consortium with CapitaLand and Ascott Residence Trust to redevelop the strata titles that Liang Court shopping mall and its adjacent buildings, a hotel and a serviced apartment,[71] are built on into an integrated development of a shopping mall, hotel, serviced apartments, and private residential towers.[72][73] CDL and CapitaLand came to own Liang Court after a S$400 million purchase in the same year.[74]

Notable projects

[edit]

CDL's portfolio spans integrated developments, shopping malls, hotels, offices and homes. Its integrated developments include King's Centre,[75] Sunshine Plaza,[76] Quayside Isle @ Sentosa Cove,[77] South Beach Tower,[78] and Sengkang Grand Mall.[79][69] Current projects in progress include the redevelopment of Liang Court, which will be completed in stages from 2024,[72] and Piccadilly Grand. Under its portfolio of shopping malls, it owns Katong Shopping Centre,[a] Palais Renaissance,[b] Tanglin Shopping Centre,[84] Delfi Orchard,[c] and City Square Mall.[52] It also used to manage Lot One and Chinatown Point before being sold to CapitaLand and Perennial (Singapore) Retail Management respectively.[88][89][90]

The majority of CDL's hotels are operated under the Millennium & Copthorne Hotels brand, which spans many countries around the world.[91] Other hotels owned by CDL include The St. Regis Singapore,[92] W Singapore Sentosa Cove,[93] JW Marriott hotel in South Beach[94] and Millennium Hilton Bangkok in Thailand.[95] CDL's office portfolio includes City House (which was its former headquarters before moving to Republic Plaza),[96] The Arcade,[d] Fuji Xerox Towers,[e] Fortune Centre,[f] and Republic Plaza.[16] CDL's homes portfolio include The Sail @ Marina Bay,[104] and One Shenton Way.[105]

Notes

[edit]
  1. ^ Developed by Singapura Developments, a subsidiary of CDL.[80][81]
  2. ^ Originally built by Yamasin Enterprise in 1989,[82] it was purchased by CDL in 1993 for S$ 115 million.[83]
  3. ^ Originally built by Yamasin Enterprise in 1984,[85][86] it was purchased by CDL in 1991 for S$ 95 million.[87]
  4. ^ Redeveloped in 1980 by Singapura Developments, a subsidiary of CDL.[97][98][81]
  5. ^ Developed by Hong Leong Properties, a subsidiary of CDL, in 1987 and was known as IBM Towers then.[99][100]
  6. ^ Developed by Golden Fortune Developments (金城集团) in 1983, its ownership eventually landed onto CDL.[101][102][103]

References

[edit]
  1. ^ a b c "City Developments Limited". HistorySG.
  2. ^ a b "Singapore's Richest Family Clashes Over China Property Expansion". Bloomberg. 4 December 2020. Retrieved 21 April 2021.
  3. ^ a b c d "CDL Annual Report 2019". Retrieved 7 June 2020.
  4. ^ "City Dev, CapitaLand lead consortium to redevelop Liang Court site at Clarke Quay". The Edge Markets. 22 November 2019. Retrieved 7 June 2020.
  5. ^ a b Jacky, C. S. (20 June 2017). "7 Things You Need To Know About City Developments Limited". Value Invest Asia. Retrieved 7 January 2020.
  6. ^ "CD. building plans ahead of schedule". eresources.nlb.gov.sg. 14 May 1965. Retrieved 20 April 2021.
  7. ^ a b Yong, Judith (12 December 1965). "Window shopping for homes". The Straits Times. p. 15. Retrieved 6 June 2020 – via NewspaperSG.
  8. ^ "About City Developments Limited Singapore Property Developer". 1 January 2018.
  9. ^ a b "City Dcv still in the red after 7 years". The Straits Times. 22 April 1970. p. 18. Retrieved 6 June 2020 – via NewspaperSG.
  10. ^ "Concentration on new counters". The Straits Times. 3 October 1969. p. 17. Retrieved 6 June 2020 – via NewspaperSG.
  11. ^ a b c Woo, Jacqueline (11 August 2015). "CDL: From eight-man outfit to major player". The Straits Times. Retrieved 7 June 2020.
  12. ^ a b c "CEO in the news: An Australian brings change to a Singaporean family business empire". Nikkei Asian Review. Retrieved 7 June 2020.
  13. ^ Chew, Hui Min (16 November 2015). "Remembering Kwek Leng Joo: Property tycoon and avid lensman". The Straits Times. Retrieved 14 March 2021.
  14. ^ Menon, Ravi (7 August 2015). "Ravi Menon: An economic history of Singapore – 1965-2065". Bank for International Settlements.
  15. ^ a b Rimmer, Peter James; Dick, Howard W. (2009). The City in Southeast Asia: Patterns, Processes and Policy. NUS Press. pp. 209–211. ISBN 978-9971-69-426-5.
  16. ^ a b "Official Opening of Republic Plaza". NAS. 18 January 1998. Retrieved 2 December 2019.
  17. ^ a b c d "History of Millennium & Copthorne Hotels plc – FundingUniverse". www.fundinguniverse.com. Retrieved 9 June 2020.
  18. ^ a b c d Henry Wai-Chung Yeung (1 March 2004). Chinese Capitalism in a Global Era: Towards a Hybrid Capitalism. Routledge. pp. 174–. ISBN 1-134-39049-1.
  19. ^ "M&C bags hotel deals in Morocco". The Straits Times. 23 February 2002.
  20. ^ a b "CDL Hotels To Change Name". www.hotelnewsresource.com. 28 July 2000. Retrieved 20 April 2021.
  21. ^ Balakrishnan, Angela (10 October 2008). "Singapore slides into recession". The Guardian. ISSN 0261-3077. Retrieved 7 June 2020.
  22. ^ "CDL 2008 Annual Report". www.cdl.com.sg. Retrieved 7 June 2020.
  23. ^ "Top three real estate developer stocks averaged total return of 30.1% YTD". Singapore Business Review. 27 November 2019. Retrieved 7 June 2020.
  24. ^ "PE Veteran Kelley Takes Over at Singapore Developer CDL". Mingtiandi. 20 January 2014. Retrieved 14 March 2021.
  25. ^ a b "Sherman Kwek Replaces Grant Kelley as CDL's CEO". Mingtiandi. 12 August 2017. Retrieved 14 March 2021.
  26. ^ "City Developments appoints investment veteran as chief executive". South China Morning Post. 18 January 2014. Retrieved 14 March 2021.
  27. ^ a b "CEO in the news: An Australian brings change to a Singaporean family business empire". Nikkei Asia. Retrieved 14 March 2021.
  28. ^ "Millennium & Copthorne Hotels shares soar as takeover bid agreed". The Independent. 7 June 2019. Retrieved 25 August 2019.
  29. ^ "CDL takeover offer for Millennium & Copthorne Hotels turns unconditional". Business Times. 14 September 2019. Retrieved 20 September 2019.
  30. ^ a b Jye, Ng Ren (17 October 2019). "Hot stock: CDL jumps 3.5% in morning trade following Citi reiteration on 'buy'". The Business Times. Retrieved 7 June 2020.
  31. ^ a b "CDL acquires 51% stake in China's Sincere Property". The Straits Times. 16 April 2020. Retrieved 14 March 2021.
  32. ^ Announcement on the Group's investments in: 1. Sincere Property Group, China; 2. Commercial Asset located in Hongqiao, Shanghai (PDF) (Report). 15 May 2019.
  33. ^ Chong, Florence (16 April 2020). "CDL invests RMB4.39bn for 51.01% stake in Sincere Property". Real Assets. Retrieved 14 March 2021.
  34. ^ a b "Singapore's CDL Warns of Loss After China Developer Investment Swells to $1.4B". Mingtiandi. 22 January 2021. Retrieved 14 March 2021.
  35. ^ a b Lam, Fiona (22 October 2020). "CDL director Kwek Leng Peck quits over differences with board". www.businesstimes.com.sg. Retrieved 3 April 2021.
  36. ^ "Singapore Property Dynasty's China Deal Is a Cautionary Tale". Bloomberg.com. 14 March 2021. Retrieved 3 April 2021.
  37. ^ Leong, Grace (8 January 2021). "CDL chairman Kwek Leng Beng says director resignations give opportunity to renew board". The Straits Times. Retrieved 14 March 2021.
  38. ^ "CDL appoints special working group to review and improve liquidity and profitability for Sincere Property Group". The Edge Singapore. 4 January 2021. Retrieved 14 March 2021.
  39. ^ Tay, Vivienne (27 February 2021). "CDL in the red with $1.92b loss on Sincere Property joint venture, hotel impairments". The Straits Times.
  40. ^ a b Tan, Lynette (11 March 2021). "CDL: Sincere Property 'misrepresented' circumstances of investment, relationship". Business Times. Retrieved 14 March 2021.
  41. ^ "协信远创集团-声 明". www.sincereproperty.com. Retrieved 14 March 2021.
  42. ^ "CDL acquires Yardhouse site in Central London for $148.6m". Singapore Business. Archived from the original on 8 February 2024. Retrieved 31 March 2024.
  43. ^ "Driving change from within". Retrieved 17 July 2024.
  44. ^ "City Development Limited case study: Conserve as it constructs" (PDF). Bloomberg. 30 November 2016. Retrieved 7 June 2020.
  45. ^ a b c d "CDL is highest scoring Singapore real estate company in 2017 Global CDP Results and Climate Change Scores". Eco-Business. 24 October 2017. Retrieved 7 June 2020.
  46. ^ Visser, Wayne; Tolhurst, Nick (8 September 2017). The World Guide to CSR: A Country-by-Country Analysis of Corporate Sustainability and Responsibility. Routledge. p. 479. ISBN 978-1-351-27890-4.
  47. ^ "ISO 14064-1:2006". ISO. 9 November 2016. Retrieved 21 July 2020.
  48. ^ a b "CDL – The First Developer To Win Green Leaf Award 2000 | City Developments Limited". ir.cdl.com.sg. Retrieved 7 June 2020.
  49. ^ a b c Compact, United Nations Global (31 December 2015). Global Compact International Yearbook 2015. United Nations. p. 113. ISBN 978-92-1-057771-7.
  50. ^ Oakland, John S.; Marosszeky, Marton (11 August 2006). Total Quality in the Construction Supply Chain. Routledge. p. 392. ISBN 978-1-136-35433-5.
  51. ^ mchin (30 May 2019). "Envisioning cityscapes of the future". The Straits Times. Retrieved 7 June 2020.
  52. ^ a b Yu, Eileen. "Singapore mall gives special eco treatment". ZDNet. Retrieved 7 June 2020.
  53. ^ "BCA'S 100th Green Mark Platinum Building Project". www.nccs.gov.sg. Retrieved 7 June 2020.
  54. ^ Shah, Vaidehi (10 April 2017). "CDL becomes first Singapore company to issue green bond". Eco-Business. Retrieved 7 June 2020.
  55. ^ "City Developments markets Singapore's first Green bond". Reuters. 6 April 2017. Retrieved 20 February 2020.
  56. ^ "Interview with Ms Esther An, Chief Sustainability Officer, CDL". Green in Future. 20 October 2017. Retrieved 7 June 2020.
  57. ^ "CDL recognised again for leading efforts to tackle climate change". The Business Times. 21 January 2020. Retrieved 7 June 2020.
  58. ^ a b Fernandez, Hannah Alcoseba (21 January 2020). "Japanese plastics firm shines for Asia in ranking of world's greenest corporate giants". Eco-Business. Retrieved 20 February 2020.
  59. ^ "Esther An". World Green Building Council. Retrieved 15 July 2024.
  60. ^ a b Slavin, Terry; Luckhurst, Karen (7 March 2023). "Twenty-five trailblazing women leading the fight against climate change".
  61. ^ "Esther An". Tatler Asia. Retrieved 15 July 2024.
  62. ^ "DBS, CDL among firms recognised for gender-equality efforts on Bloomberg index". CNA. 23 January 2018. Archived from the original on 31 October 2020. Retrieved 6 June 2020.
  63. ^ "5 SG-based firms are amongst first to commit to nature-related disclosures". Singapure Business. Archived from the original on 17 January 2024. Retrieved 31 March 2024.
  64. ^ Heng, Janice (17 July 2018). "Fresh take on facilities management". The Business Times. Retrieved 9 June 2020.
  65. ^ Deutsch, Claudia H. (20 August 1995). "Commercial Property/CDL Hotels International; Buyer of Major Hotels Remains a Bit of an Unknown". The New York Times. ISSN 0362-4331. Retrieved 21 February 2020.
  66. ^ Dunne, Jim. "Aer Lingus makes a profit in good year for airlines". The Irish Times. Retrieved 9 June 2020.
  67. ^ "Singapore group buys Glasgow's Copthorne Aer Lingus sellshotel for #224m". HeraldScotland. 7 October 1995. Retrieved 9 June 2020.
  68. ^ "CapitaLand-CDL tie-up lands Sengkang Central site with top bid of $777.8 million". The Straits Times. 16 August 2018. Retrieved 26 December 2019.
  69. ^ a b Lai, Linette (7 July 2019). "Buangkok residents get a first look at plans for new complex with community club, mall and private homes". The Straits Times. Retrieved 26 December 2019.
  70. ^ "Sengkang Grand Residences sees 216 units sold on launch weekend". The Straits Times. 3 November 2019. Retrieved 7 June 2020.
  71. ^ Lam, Fiona (16 July 2020). "Liang Court redevelopment project moves to next step". The Business Times.
  72. ^ a b "CapitaLand, CDL, Ascott Reit to redevelop Liang Court into mixed-use complex". The Business Times. 21 November 2019. Retrieved 20 April 2021.
  73. ^ hermesauto (21 November 2019). "Liang Court site in Clarke Quay to be turned into mixed-use development with 700 apartments". The Straits Times. Retrieved 9 June 2020.
  74. ^ "CapitaLand, CDL complete S$400m Liang Court mall purchase". The Business Times. 1 June 2019. Retrieved 9 June 2020.
  75. ^ "CityDev woos doctors to new complex". The Straits Times. 3 December 1997. p. 63. Doctors forced to leave Specialists' Shopping centre are being wooed to move into City Developments' King's centre complex on the banks of the Singapore River
  76. ^ Rashiwala, Kalpana (7 April 2013). "CDL puts 60 Sunshine Plaza units on market". The Business Times. Retrieved 24 July 2020 – via AsiaOne.
  77. ^ "CDL Unveils Unique S$1.5 Billion Investment Platform". www.blackstone.com. 16 December 2014. Retrieved 21 July 2020.
  78. ^ "S'pore gets US$1.12b "South Beach"". Singapore Press Holdings. 11 September 2007. Archived from the original on 5 August 2009. Retrieved 23 September 2007.
  79. ^ Lai, Linette (8 July 2019). "New $778m complex for Buangkok in 2022". The Straits Times. Retrieved 20 April 2021.
  80. ^ "Moving in date for shopping paradise nears". The Straits Times. 8 January 1973. p. 14 – via NewspaperSG.
  81. ^ a b "ANNOUNCEMENT ON CHANGES IN SUBSIDIARY COMPANIES".
  82. ^ "Palais Renaissance to offer tourists top branded goods under one roof". The Business Times. 14 September 1989. p. 24 – via NewspaperSG.
  83. ^ Ang, Lilian (25 September 1993). "CityDev pays $115m for Palais Renaissance". The Business Times. p. 1.
  84. ^ "Artist's impression of the Tanglin Shopping Centre at Tanglin Road". www.roots.sg. Retrieved 21 July 2020.
  85. ^ "Six more shopping centres rising in Orchard Road". The Business Times. 4 May 1984. p. 2 – via NewspaperSG.
  86. ^ "LADY' DELFI FINDS RIGHT STUFF FOR 'HER' CURVES". Singapore Monitor. 18 July 1984. p. 22 – via NewspaperSG.
  87. ^ "CityDev confirms acquisition of Delfi Orchard for $95m". The Business Times. 22 May 1991. p. 3.
  88. ^ Rashiwala, Kalpana (30 January 1996). "Seiyu signs up as final tenant for CDL's suburban Lot 1 mall". The Straits Times. p. 28. TEN months ahead of its November opening, City Developments' suburban mall next to the Choa Chu Kang MRT Station has been let fully, with Japanese retailer Seiyu signing up as the final tenant.
  89. ^ "CDL buys remaining stake in Chinatown Point owner". The Business Times. 28 October 1993. p. 12. Property based City Developments Ltd (CDL) has acquired the remaining 35 per cent stake in the subsidiary which owns Chinatown Point shopping complex.
  90. ^ "$250m Chinatown Point deal". Today. 14 July 2010. p. 43. A consortium called Perennial Chinatown Point has acquired the Chinatown Point retail mall and four office units for $250 million from developer City Developments.
  91. ^ "CDL hotel arm reviewing portfolio, assessing at least three offers for assets". The Business Times. 18 November 2020. Retrieved 20 April 2021.
  92. ^ "Penthouse at St Regis Residences for sale at $17 mil". www.edgeprop.sg. 12 July 2019. Retrieved 20 April 2021.
  93. ^ "CDL acquires full control of W Singapore-Sentosa Cove, Quayside Isle". The Business Times.
  94. ^ "The old South Beach Hotel reopens as JW Marriott Hotel Singapore South Beach". The Straits Times.
  95. ^ "Kwek Leng Beng: Billionaire hotelier with an eye for design". The Straits Times. 5 September 2016. Retrieved 20 April 2021.
  96. ^ "WeWork set to grow Singapore footprint to over 300,000 sq ft". citicommerical. Retrieved 23 July 2020.
  97. ^ "Arcade to open in March". New Nation. 1 February 1980. p. 2 – via NewspaperSG.
  98. ^ "City Dev is close to taking over Singapura". The Business Times. 30 January 1981. p. 1 – via NewspaperSG.
  99. ^ "City Developments proposes one-for-five rights issue". The Business Times. 6 May 1988. p. 15 – via NewspaperSG.
  100. ^ "IBM Towers creates opening for artists". The Business Times. 6 April 1987. p. 8 – via NewspaperSG.
  101. ^ "NewspaperSG - Terms and Conditions" 金隆大厦店铺卖完. Lianhe Wanbao (in Chinese). 8 August 1983. p. 9 – via NewspaperSG.
  102. ^ "CityDev plans to buy 30pc stake in Fortune Centre". The Business Times. 29 June 1989. p. 15 – via NewspaperSG.
  103. ^ "Suntec cancels $788m deal". Today. 12 October 2005. p. 24 – via NewspaperSG.
  104. ^ "Watch F1 from your penthouse at The Sail". www.edgeprop.sg. Retrieved 24 July 2020.
  105. ^ Wong, Jeana (5 January 2007). "Singapore high-end home prices to rise 10-20% with help from overseas buyers". Archived from the original on 7 January 2007. Retrieved 18 November 2009.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=City_Developments_Limited&oldid=1249796359"