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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, Investment Properties, and Others. The Property Development segment develops and purchases properties for sale. The Hotel Operations segment owns and manages hotels. The Investment 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 2020 SGDUSD
Gross Profit828.94M600.94M
Operating income17.14M12.43M
Income before tax-945.03M-685.11M
Net income-1,917.39M-1,390.03M
Diluted EPS-2.12-1.54
Dividends Per Share0.080.05
Total Assets23,676.79M17,914.56M
Total liabilities14,434.33M10,921.45M
Total equity8,502.20M6,433.02M
Operating cash flow-477.81M-346.39M
Currency in SGDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 3,905.45M 3,829.19M 4,222.56M 3,428.72M 2,108.42M
Gross Profit 1,757.91M 1,684.16M 1,914.07M 1,638.48M 828.94M
Operating income 1,215.73M 1,162.66M 1,385.23M 1,047.52M 17.14M
Income before tax 843.48M 718.82M 810.63M 557.77M -945.03M
Net income 653.22M 522.17M 557.33M 564.57M -1,917.39M
EBITDA 1,433.76M 1,374.00M 1,600.29M 1,323.50M 304.27M
Diluted EPS 0.68 0.54 0.58 0.59 -2.12
Dividends Per Share 0.08 0.08 0.08 0.08 0.08
Total Assets 19,797.42M 19,364.29M 20,885.69M 23,200.25M 23,676.79M
Total liabilities 8,388.73M 7,718.16M 8,611.75M 11,933.70M 14,434.33M
Total equity 9,293.80M 9,391.28M 10,040.69M 10,520.25M 8,502.20M
Operating cash flow 1,131.49M 1,106.46M -630.20M 1,011.81M -477.81M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 2,828.71M 2,773.81M 3,129.43M 2,513.36M 1,528.52M
Gross Profit 1,273.25M 1,219.98M 1,418.56M 1,201.06M 600.94M
Operating income 880.55M 842.21M 1,026.63M 767.86M 12.43M
Income before tax 610.93M 520.70M 600.78M 408.86M -685.11M
Net income 473.12M 378.25M 413.05M 413.85M -1,390.03M
EBITDA 1,038.47M 995.31M 1,186.01M 970.17M 220.58M
Diluted EPS 0.49 0.39 0.43 0.43 -1.54
Dividends Per Share 0.05 0.05 0.05 0.05 0.05
Total Assets 13,703.48M 14,489.89M 15,323.32M 17,253.75M 17,914.56M
Total liabilities 5,806.56M 5,775.34M 6,318.23M 8,874.94M 10,921.45M
Total equity 6,433.03M 7,027.29M 7,366.61M 7,823.78M 6,433.02M
Operating cash flow 819.53M 801.51M -467.05M 741.69M -346.39M

Valuation Measures

Dec 2020
Operating margin0.81%
Profit margin-90.93%

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 (39.5%)
  • Euroform (S) Pte Ltd. (2.1%)
  • Nin Investment Holdings Pte Ltd. (1.6%)
  • Garden Estates Pte Ltd. (1.5%)
  • The Vanguard Group, Inc. (1.4%)
  • BlackRock Fund Advisors (1.2%)
  • Gordon Properties Pte Ltd. (1.0%)
  • Norges Bank Investment Management (0.8%)
  • APG Asset Management NV (0.7%)
  • Interfab Pte Ltd. (0.6%)

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
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Last Updated on 15 Oct, 2021

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