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City Developments Ltd.

Company Background

City Developments is one of the largest real estate development companies in Singapore with strengths in residential development and hotel operation. Founded in 1963, the firm went public the same year, listing its shares in the former Malayan Stock Exchange. The firm is currently listed on the Singapore Exchange. In 1972, Hong Leong Group, led by founder Kwek Hong Png, acquired a controlling interest in City Developments, making the firm a member of the Malaysian conglomerate. The company is currently led by Executive Chairman Kwek Leng Beng, a son of Hong Leong's founder and one of the richest people in Southeast Asia. Hong Leong Group is still a majority shareholder in the company.

Its portfolio includes major condominiums, as well as retail and office complexes both in Singapore and abroad. It also holds a majority stake in London-listed global hotel group Millennium & Copthorne Hotels, which has a network of over 110 hotels in the world. Faced with a slowdown in Singapore's domestic property market, the company has been seeking to expand overseas, especially in Japan and Australia. In late 2014, it acquired 16,815 sq. meters of land in central Tokyo to develop condominiums, marking its entry into Japan's residential market.

Business Summary

City Developments Ltd. is an investment holding company, which engages in the property development and ownership. It operates through the following segments: Property Development, Hotel Operations, Rental Properties, and Others. The Property Development segment develops and purchases properties for sale. The Hotel Operations segment owns and manages hotels. The Rental Properties segment develops and purchases investment properties for sale. The Others segment comprises of club operator and owner, investment in shares, property management, project management and consultancy services; and provides information technology and procurement services. The company was founded on September 7, 1963 and is headquartered in Singapore.

Financial Highlights

Dec 2019 SGDUSD
Gross Profit1,638.48M1,201.06M
Operating income1,047.39M767.77M
Income before tax557.77M408.86M
Net income564.57M413.85M
Diluted EPS0.590.43
Dividends Per Share0.080.05
Total Assets23,200.25M17,253.75M
Total liabilities11,933.70M8,874.94M
Total equity10,520.25M7,823.78M
Operating cash flow1,011.81M741.69M
Currency in SGDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 3,304.10M 3,905.45M 3,829.19M 4,222.56M 3,428.72M
Gross Profit 1,656.13M 1,757.91M 1,684.16M 1,914.07M 1,638.48M
Operating income 1,127.07M 1,215.73M 1,162.66M 1,385.23M 1,047.39M
Income before tax 878.49M 843.48M 718.82M 810.63M 557.77M
Net income 773.36M 653.22M 522.17M 557.33M 564.57M
EBITDA 1,337.79M 1,433.76M 1,374.00M 1,600.29M 1,323.38M
Diluted EPS 0.81 0.68 0.54 0.58 0.59
Dividends Per Share 0.08 0.08 0.08 0.08 0.08
Total Assets 20,318.53M 19,797.42M 19,364.29M 20,885.69M 23,200.25M
Total liabilities 9,105.51M 8,388.73M 7,718.16M 8,611.75M 11,933.70M
Total equity 8,995.79M 9,293.80M 9,391.28M 10,040.69M 10,520.25M
Operating cash flow -17.65M 1,131.49M 1,106.46M -630.20M 1,011.81M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 2,402.53M 2,828.71M 2,773.81M 3,129.43M 2,513.36M
Gross Profit 1,204.23M 1,273.25M 1,219.98M 1,418.56M 1,201.06M
Operating income 819.53M 880.55M 842.21M 1,026.63M 767.77M
Income before tax 638.78M 610.93M 520.70M 600.78M 408.86M
Net income 562.34M 473.12M 378.25M 413.05M 413.85M
EBITDA 972.76M 1,038.47M 995.31M 1,186.01M 970.07M
Diluted EPS 0.58 0.49 0.39 0.43 0.43
Dividends Per Share 0.05 0.05 0.05 0.05 0.05
Total Assets 14,322.44M 13,703.48M 14,489.89M 15,323.32M 17,253.75M
Total liabilities 6,418.43M 5,806.56M 5,775.34M 6,318.23M 8,874.94M
Total equity 6,341.09M 6,433.03M 7,027.29M 7,366.61M 7,823.78M
Operating cash flow -12.83M 819.53M 801.51M -467.05M 741.69M

Valuation Measures

Dec 2019
Operating margin30.54%
Profit margin16.46%

Key executives

  • Group Chief Executive Officer & Executive Director: Eik Tse Kwek
  • Group Chief Financial Officer: Yim Ming Yiong
  • Chief Technology Officer: Ivan Ng
  • Head-Corporate Administration & Procurement: Cindy Tan
  • Group Chief Investment Officer: Shao Hong Khoo


  • KWEK FAMILY (37.8%)
  • Euroform (S) Pte Ltd. (2.1%)
  • The Vanguard Group, Inc. (1.8%)
  • SGI Investment Holdings Pte Ltd. (1.7%)
  • Nin Investment Holdings Pte Ltd. (1.6%)
  • Garden Estates Pte Ltd. (1.5%)
  • FIL Investment Management (Singapore) Ltd. (1.4%)
  • Eastspring Investments (Singapore) Ltd. (1.3%)
  • Aberdeen Standard Investments (Asia) Ltd. (1.1%)
  • BlackRock Fund Advisors (1.0%)

Contact Details

  • Website:
  • Address: 9 Raffles Place, No. 12-01 Republic Plaza, Singapore, 048619, Singapore
  • Phone: +65.6877.8228

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  • InterContinental Hotels Group PLC
Last Updated on 25 Sep, 2020

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