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CityDev
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Eagle88
Supreme |
27-Feb-2025 12:46
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Is it just a show? once share price dropped low2 and offer to privatise it ??? Nothing is permanent in this world !!! It is yours only if you used up all of them or give to others who need them most like charities !!! Just provide your children and children' s children with the best values and education etc. Not goyang kaki after birth, sure go hairwire !!! LOL |
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MrBear12
Supreme |
27-Feb-2025 11:30
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Pass the broken pieces to bear bear.
He'll use these pieces for his bear den
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tongphlp
Supreme |
27-Feb-2025 11:24
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grandson destroyed it - passed what to cousin?
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Sgvale
Supreme |
27-Feb-2025 11:22
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Then passed to cousin lo. The saying didn't say this right?
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Fataaa
Senior |
27-Feb-2025 11:04
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Should annouce no inheritance for the unfilal son and use the amount for special dividend maybe can save the shares price lol.... | ||||
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tongphlp
Supreme |
27-Feb-2025 11:03
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jia lat...sky has fallen...
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fuusdd
Member |
27-Feb-2025 10:25
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Saying goes, grandfather started it, son built it, grandson destroyed it | ||||
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MrBear12
Supreme |
27-Feb-2025 10:22
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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I know this story. Been through thick and thin with cdl. Miss good old leng joo. He was avid photographer. Balanced fellow Gotta find a brilliant ceo outside the family now. Lengbeng can consider selling this to another property giant and retire. After all, they have made great contributions here and elsewhere. It's the next phase of life for this company. One thing for sure, bear bear and family will always be behind you | ||||
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Joelton
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27-Feb-2025 10:11
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From origins to turmoil: The CDL story
1963: City Developments Ltd : C09 0% (CDL) begins operations with eight staff in a small, rented office at Amber Mansions and was listed on the Malayan Stock Exchange in November 1963.
1966: The company completes its first Singapore condominium project, Clementi Park.
1969: Kwek Hong Png&rsquo s Hong Leong Group buys into CDL, and son Kwek Leng Beng takes a position on the board.
1972: Hong Leong Group acquires a controlling interest and starts to grow the business in property development. CDL makes its first foray into the hospitality industry with the acquisition of King&rsquo s Hotel.
1974: Hong Leong patriarch and founder Hong Png takes on chairmanship of CDL while Leng Beng is appointed managing director.
1995: CDL appoints Leng Beng as executive chairman, and Kwek Leng Joo as managing director.
CDL Hotels and Saudi Prince Alwaleed bin Talal bin Abdulaziz Al Saud buy 80 per cent of New York&rsquo s iconic Plaza Hotel from Donald Trump for US$325 million.
1996: Millennium & Copthorne Hotels (M& C), a subsidiary of CDL Hotels International, lists on the London Stock Exchange (LSE).
2013: The Plaza Hotel is sold to a consortium for US$675 million.
2016: Sherman Kwek is named deputy CEO while Yiong Yim Ming is appointed chief financial officer. Leng Beng&rsquo s nephew Kwek Eik Sheng is appointed head of asset management on top of being CDL&rsquo s chief strategy officer.
2017: Leng Beng retires from Hong Leong Asia (HLA). His cousin Kwek Leng Peck, then an executive director, succeeds him as executive chairman of HLA.
2018: Sherman takes on the role of CEO. He was earlier appointed as CEO-designate after CEO Grant Kelley tendered his resignation.
2019: M& C, which owns, manages and operates over 145 hotels globally, delists from the LSE in October following a successful privatisation.
2020: CDL struggles with its China expansion during the pandemic as a result of a deal with Chinese developer Sincere Property Group. The joint venture, spearheaded by Sherman in 2019, is said to have caused a rift within the family. In FY2020, the group wrote off S$1.78 billion on the investment and posted a net loss of S$1.9 billion.
Non-executive and non-independent director Leng Peck left the property giant in October, citing his disagreements with the board as well as management of the group&rsquo s investment in Sincere Property and of M& C.
2021: The company sells its stake in Sincere Property for US$1. The group posts an S$85 million (restated) net profit for FY2021.
2022: The group posts a record profit of S$1.3 billion in FY2022.
2023: CDL posts a 94.1 per cent drop in net profit to S$66.5 million for its first half ended Jun 30, 2023, from S$1.1 billion in the year-ago period. This was mainly due to the absence of significant divestment gains booked in H1 2022, as well as greater financing costs and impairment losses on its UK investment properties.
After the Sincere saga, Leng Beng meets Shanghai mayor Gong Zheng in China to discuss business issues and potential collaboration on sustainability projects.
2024: CDL acquires the Hilton Paris Opera hotel from Blackstone for 240 million euros (S$350.2 million).
The company celebrates its 60th anniversary, and posts a 32 per cent year-on-year rise in first-half net profit to S$87.8 million.
January 2025: CDL announces it had divested more than S$600 million in 2024 as part of its capital recycling initiative, including holdings in a Suzhou project.
February 2025: The company posts a profit of S$113.5 million for its second half ended Dec 31, down 54.7 per cent from S$250.8 million in the prior year. CDL abruptly calls off its FY2024 results briefing on the morning of Feb 26 and halts trading. News of the boardroom battle emerges with Leng Beng&rsquo s statement.
The knights and pawns in CDL joust
ON Wednesday (Feb 26), a battle for board control emerged within property giant City Developments Ltd (CDL) : C09 0%, with father and son in the family-controlled company lined up against each other.
Executive chairman Kwek Leng Beng issued a lengthy statement citing an &ldquo attempted coup&rdquo by a faction led by his son and group chief executive Sherman Kwek, along with board directors Philip Lee Jee Cheng, Wong Ai Ai and others, saying they sought to consolidate control of the board and the group. &ldquo In response, we have filed court papers yesterday to set things right,&rdquo said the elder Kwek.
He sought the dismissal of his son Sherman, a move which was subsequently blocked by the board. The chairman had named his nephew Kwek Eik Sheng to serve as interim CEO &ldquo if and when Sherman is removed as CEO&rdquo , while the group hunts for a professional CEO to lead the company.
This is not the first time a disagreement has torn a rift in the company&rsquo s management. In October 2020, non-executive and non-independent director Kwek Leng Peck left CDL, citing his disagreements with the board and management on the group&rsquo s investment in Chinese property group Sincere and its management of its British hotel arm. Kwek Leng Peck &ndash Kwek Leng Beng&rsquo s cousin &ndash walked away from the board after more than three decades in the role.
The Business Times looks at the key players involved in the fresh battle.
Who are Kwek Leng Beng, Sherman Kwek, Kwek Eik Sheng, Wong Ai Ai and Philip Lee Jee Cheng?
From left: Sherman Kwek, Kwek Leng Beng, Kwek Eik Sheng, Wong Ai Ai and Philip Lee Jee Cheng. IMAGE: BTVISUAL
Kwek Leng Beng, 84, is the executive chairman of CDL. The son of the late Kwek Hong Png, patriarch of the Hong Leong Group, he acquired a stake in CDL in 1969 &ndash then a loss-making property company. From 1972 to 1973, he took a majority stake in the company and gained management control over it.
He is also chairman and executive director of Hong Leong Finance. From 1992 to 1994, he began buying major hotels in London, New Zealand and New York, and eventually listed Millennium & Copthorne Hotels (M& C) on the London Stock Exchange in 1996. M& C was privatised in 2019 and is a subsidiary of CDL.
Sherman Kwek, 49, became CDL&rsquo s group CEO in January 2018. He is Kwek Leng Beng&rsquo s son.
The younger Kwek began his career in New York in venture capital and investment banking before joining the US division of M& C.
In his statement on Wednesday, Kwek Leng Beng described how &ldquo it was not the first time Sherman&rsquo s decisions have put CDL in a precarious position&rdquo . He cited how the group&rsquo s investment in Sincere Property Group &ldquo led to a staggering S$1.9 billion loss for CDL&rdquo in 2020, which he described in his memoir Strictly Business as one of the biggest setbacks of his career. In 2021, CDL exited its investment in Sincere for a consideration of US$1.
Kwek Eik Sheng, the son of Kwek Leng Beng&rsquo s late brother Kwek Leng Joo, was appointed chief operating officer in 2022. He joined CDL in 2009 and took on the roles of head of corporate development, chief strategy officer, as well as head of asset management.
He is also an executive director of CDL&rsquo s subsidiary M& C, as well as a non-executive, non-independent director of CDL Hospitality Trusts.
The older Kwek said in his statement that Kwek Eik Sheng will &ldquo serve as interim CEO to ensure continuity and stability&rdquo .
Wong Ai Ai retired in 2023 after 30 years in Baker McKenzie. She is also a Justice of the Peace. She was first appointed to CDL&rsquo s board in 2022.
Philip Lee Jee Cheng: Lee, first appointed in 2021, is also a non-executive independent director at ComfortDelGro. His background is mainly in accounting and finance, with more than 35 years of experience.
He was an audit partner at KPMG Singapore, where he served on the Singapore leadership team and the Asia-Pacific executive team.
Other CDL board members in addition to Leng Beng, Sherman, Wong and Lee
Wong Su Yen: On Feb 7, CDL announced the appointment of Wong and Jennifer Duong Young as two new independent non-executive directors. She is currently an independent director at CSE Global, First Resources, Yoma Strategic and the Infocomm Media Development Authority. Previously she served as non-executive chairman of Nera Telecommunications and as a director of Mediacorp and NTUC First Campus.
Jennifer Duong Young: She spent 21 years at Credit Suisse, including serving as its managing director and Asia-Pacific treasurer.
Philip Yeo: Yeo was first appointed to the board in 2009, and was last re-elected in 2023. A career civil servant, he was the chairman of the Economic Development Board from 1986 to 2006. He was instrumental in the conceptualisation of petrochemicals hub Jurong Island.
He also spearheaded the development of Singapore&rsquo s biomedical sciences sector and was chairman of the Agency for Science, Technology and Research (A*Star) from 2001 to 2007.
He is currently the chairman of Economic Development Innovations Singapore, as well as of Accuron Technologies. Yeo is also an independent director of listed Sunway and QAF.
Colin Ong: Ong was first appointed to the board in 2020, and was last re-elected in 2022. He is executive senior director (financial services) representing Great Eastern Financial Advisers &ndash a position he has held since 2011.
Chong Yoon Chou: Chong has been in finance for nearly three decades. He started his career in 1994 as an analyst and fund manager covering Asian equities. He was first appointed to the CDL board in 2020.
Carol Fong: Chan also has extensive experience in the finance industry, with more than 30 years of experience in investment banking and financial markets. She is currently group CEO of CGS International Securities, Singapore. She was first appointed as director on the CDL board in 2020.
Daniel Marie Ghislain Desbaillets: Desbaillets has spent 45 years in the hospitality industry, with senior positions in international hotel chains such as InterContinental Hotel Group, Hilton, Shangri-La, M& C, Fullerton Hotels and Resorts, and TCC Hotels Thailand.
Exco team of CDL
Yiong Yim Ming (left) and Chia Ngiang Hong. IMAGE: BTVISUAL
Chia Ngiang Hong: CDL&rsquo s group general manager, has been with the company for more than 40 years. He is known to have worked closely with both father and son. He served as president of the Real Estate Developers&rsquo Association of Singapore from 2019 to 2020 and 2021 to 2022.
Yiong Yim Ming: Yiong has been with the group since 2007 and was appointed CDL&rsquo s chief financial officer in April 2016. Before joining CDL, she was at KPMG Singapore for 10 years, and EY Singapore for two years
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Joelton
Supreme |
27-Feb-2025 10:10
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Kwek Leng Beng moves to sack son and CDL CEO Sherman Kwek files lawsuit over &lsquo attempted coup&rsquo
CDL says Sherman remains &lsquo group CEO until... there is a board resolution to change company leadership&rsquo
A BATTLE for control has erupted within property giant City Developments Ltd (CDL) : C09 0%, pitting father and son against each other in the Kwek-family controlled company and exposing underlying tensions that have been brewing for some years.
In a dramatic four-page statement issued to media on Wednesday (Feb 26) morning, executive chairman Kwek Leng Beng said that he had filed court papers on Tuesday to deal with the &ldquo attempted coup&rdquo &ndash by group chief executive officer and his son Sherman Kwek, Philip Lee Jee Chen, Wong Ai Ai and a group of directors acting with them &ndash to allegedly consolidate control of the board and the group.
Lee is the lead independent director of the board, while Wong is an independent non-executive director.
The action taken was &ldquo to set things right&rdquo and to &ldquo restore corporate integrity&rdquo , said Kwek Leng Beng, 84.
&ldquo We intend to change the CEO at the appropriate time. We will continue to explore all legal options available to us to vigorously defend and protect the interests of CDL and its shareholders.&rdquo
According to the elder Kwek, Sherman Kwek&rsquo s group had orchestrated major board changes and bypassed the nomination committee (NC), contrary to corporate governance principles and the Singapore Exchange&rsquo s listing rules.
Crossing a &ldquo red line&rdquo
The senior Kwek said: &ldquo As a father, firing my son was certainly not an easy decision. I accept that business decisions are difficult and young people may make business mistakes in their careers and that is understandable, but circumventing corporate governance laws is a red line.
&ldquo The stakes are simply too high to allow reckless power grabs to destabilise the company.&rdquo
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Kwek Leng Beng, CDL executive chairman
&ldquo As chairman, my responsibility is to CDL, its shareholders and its future. I take my role as executive chairman seriously and have always prioritised the interests of all shareholders, not just those of my family. The stakes are simply too high to allow reckless power grabs to destabilise the company.&rdquo
In response, Sherman Kwek, 49, issued a statement in the afternoon saying: &ldquo It is incredibly disappointing that our chairman and a minority of the CDL board have decided to take these extreme actions regarding this disagreement around the size and make-up of the CDL board.&rdquo
&ldquo It is incredibly disappointing that our chairman and a minority of the CDL board have decided to take these extreme actions regarding this disagreement around the size and make-up of the CDL board.&rdquo
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Sherman Kwek, CDL CEO
The statement was issued &ldquo on behalf of the majority of the CDL board of directors&rdquo , and said that recent changes to the board have &ldquo never been about ousting our esteemed chairman&rdquo .
In his statement, Kwek Leng Beng said: &ldquo (Sherman&rsquo s) role in circumventing good governance and consolidating power through the irregular appointment of two new directors was the latest of a long series of missteps.&rdquo
He noted that this was not the first time that Sherman Kwek&rsquo s decisions &ldquo have put CDL in a precarious position&rdquo .
He cited:
the group&rsquo s investment in China developer Sincere Property Group that led to a S$1.9 billion loss for CDL in the 2020 financial year
poor investment decisions in the UK property market that resulted in significant financial losses and contributed to a 94 per cent decline in profit for the first half of 2023 and
the consistent underperformance of CDL&rsquo s share price compared with its peers since Sherman Kwek assumed leadership in 2018. This reflects &ldquo eroded investor confidence and shareholder concerns over strategic missteps&rdquo .
The e-mailed statements followed the sudden cancellation of the company&rsquo s FY2024 results briefing on the morning of Feb 26 after CDL called for a trading halt.
CDL said in the afternoon that &ldquo business operations remain fully functional and unaffected&rdquo . It added that Sherman Kwek remains the &ldquo group CEO until such time as there is a board resolution to change company leadership&rdquo .
Earlier tensions
A surprise departure following CDL&rsquo s China investments was an early hint of a rift in the company&rsquo s management.
In October 2020, one of Kwek Leng Beng&rsquo s cousins, Kwek Leng Peck, abruptly quit the CDL board where he had been a non-executive and non-independent director for more than 30 years.
Kwek Leng Peck cited disagreements with the board and management over CDL&rsquo s investment in Sincere Property Group, as well as its continuing provision of financial support to the Chinese property group.
He also had reservations over CDL&rsquo s approach in managing its wholly owned unit, Millennium & Copthorne Hotels, which he concurrently resigned from as a director.
Following this, two other independent non-executive directors stepped down in late December 2020.
Koh Thiam Hock exited the board having shared his observations, concerns and suggestions on the group&rsquo s investment in Sincere, CDL said. When Tan Yee Peng stepped down, the company at the time noted that Tan &ldquo disagreed with the board and management about the handling of the (Sincere) investment after the acquisition&rdquo .
CDL appointed new directors: Daniel Desbaillets and Chong Yoon Chou in November 2020, Carol Fong in late December 2020 and Philip Lee Jee Chen in January 2021.
Lead independent director Jenny Lim stepped down in May 2021. CDL said at the time that she believed it was &ldquo appropriate for her to step down in the light of contributions from the board&rsquo s new independent directors&rdquo , as she had fulfilled the responsibilities in her various roles during her tenure as an independent director.
Nominations of Jennifer Duong Young and Wong Su Yen proposed over CNY
In his statement on Wednesday, Kwek Leng Beng detailed a series of events orchestrating the acquisition of board control.
He said that on Jan 28, the eve of Chinese New Year, CDL&rsquo s corporate secretary sent an e-mail to the board with Lee and Wong Ai Ai nominating two additional independent directors.
On the following day, he questioned the urgency of appointing two new directors without due diligence and proper vetting.
&ldquo Chong Yoon Chou, our NC chairman, was completely unaware of the nominations. He strongly objected to bypassing the pre-scheduled NC meeting on Feb 20.&rdquo
Lee had cited &ldquo urgent concerns&rdquo as justification for the rushed appointments, but failed to provide specifics, said Kwek Leng Beng.
He immediately ordered the cancellation of all director interviews, &ldquo reinforcing the need for transparency and adherence to corporate governance norms&rdquo .
However, on Jan 31, Lee requisitioned a board meeting, attempting to push through the proposed appointments.
On Feb 5, CDL&rsquo s board received legal advice that bypassing the NC was against the Code of Corporate Governance.
Two days later, on Feb 7, a board meeting was held with no vote being taken. A Directors&rsquo Resolution in Writing for the appointment of the two new directors was also circulated and approved within hours, bypassing the typical NC process.
&ldquo This confirmed that Sherman Kwek, Philip Lee, Wong Ai Ai and the other directors acting with them had pre-planned this move,&rdquo chairman Kwek said.
On the same day, CDL issued a statement via the stock exchange that it had appointed Jennifer Duong Young and Wong Su Yen as independent non-executive directors of the company.
He added that he was &ldquo left with no choice&rdquo but to send an e-mail the following day seeking Sherman Kwek&rsquo s dismissal from the position of group CEO. However, on Feb 9, the reconstituted board led by Lee, objected to his attempt to dismiss Sherman Kwek.
Dismantling the existing NC and replacing it with a nominating and remuneration committee is &ldquo a calculated effort to sideline independent oversight and give the majority bloc unrestricted control over CDL&rsquo s leadership and decision-making&rdquo .
The changes made by &ldquo Sherman Kwek&rsquo s group&rdquo had enabled the appointment and removal of board members arbitrarily, and stripped the chairman of &ldquo meaningful authority&rdquo , he said.
Kwek Leng Beng added that certain members of the board, including Philip Yeo and himself, remained firmly committed to upholding the highest standards of governance and accountability.
In proposing to remove Sherman Kwek as CEO, they named group chief operating officer Kwek Eik Sheng, who is Kwek Leng Beng&rsquo s nephew, to serve as the interim CEO. The group will search for a professional CEO, the elder Kwek said.
He added: &ldquo We will reinforce and strengthen CDL&rsquo s governance framework to prevent future violations and ensure that no single group can override corporate governance safeguards.&rdquo
In 1971, Kwek Leng Beng, his brother Kwek Leng Joo and their father Kwek Hong Png acquired control of a loss-making CDL.
Under Kwek Leng Beng&rsquo s leadership, CDL expanded its real estate portfolio and grew to become one of Singapore&rsquo s leading property players.
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Joelton
Supreme |
27-Feb-2025 10:09
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Two new CDL directors will not exercise any powers until further notice from court: Kwek Leng Beng
Also named as applicants in Leng Beng&rsquo s suit are CDL, Philip Yeo, Colin Ong and Chong Yoon Chou Sherman, Wong Ai Ai, Jennifer Young, Carol Fong, Daniel Marie Ghislain Desbaillets, Philip Lee named as defendants
THE two new directors appointed by CDL&rsquo s board have undertaken not to exercise any powers as directors until further notice, said CDL executive chairman Kwek Leng Beng in a surprise statement late on Wednesday night (Feb 26).
He was referring to CDL&rsquo s new independent directors Jennifer Duong Young and Wong Su Yen, whom Kwek said were &ldquo irregularly and hastily appointed&rdquo on Feb 7.
Kwek said that &ldquo ...following a court hearing today, the serious lapses of corporate governance at CDL have now been halted.&rdquo
Sherman Kwek, Philip Lee, Wong Ai Ai and the remaining directors acting in concert with them have undertaken not to take any further actions regarding their attempted changes to the board committees and management of certain CDL&rsquo s subsidiaries, until further notice of court. In addition, the irregularly constituted Nominating and Remuneration Committee has been suspended from taking further action.
Kwek said: &ldquo The board committees and the management of the relevant subsidiaries are now safe from further attempts to destabilise, dismantle and reconstitute them. The board and the management of these subsidiaries will now be able to function normally and without unwarranted interference, as they were prior to the attempted coup.
&ldquo I must stress that strong corporate governance is the foundation of a well-functioning and sustainable business. It ensures transparency, accountability and responsible decision-making, which are critical to maintaining investor confidence and protecting the long-term interests of our shareholders.
&ldquo We will continue to ensure the stability of CDL and the group, with a view to protecting our shareholders and creating long-term value for them.&rdquo
Court documents obtained by The Business Times indicated that Kwek had sought an injunction against Young and Wong to prevent them from exercising the powers of a director.
In his suit filed in the High Court this month, he named Sherman Kwek, Wong, Young, Carol Fong (also known as Carolina Chan), Daniel Marie Ghislain Desbaillets, Wong Ai Ai and Philip Lee as defendants. Kwek, CDL, Philip Yeo, Colin Ong and Chong Yoon Chou were the applicants. The five applicants were represented by lawyers from LVM Law Chambers, a law firm led by Senior Counsel Lok Vi Ming. Court documents indicated that the defendants had yet to appoint counsel.
In his originating application, Kwek had requested for the defendants to be &ldquo restrained from doing any acts pursuant to or in furtherance of the directors&rsquo resolution in writing dated Feb 21&rdquo .
The defendants are to &ldquo take such steps as are necessary to reverse the effects of the resolutions purportedly passed&rdquo , the court documents noted.
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Joelton
Supreme |
27-Feb-2025 10:08
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CDL H2 net profit drops 54.7% to S$113.5 million on property development segment&rsquo s lower contributions
A final dividend of S$0.08 per share is proposed for the second half year
PROPERTY player City Developments Ltd (CDL) : C09 0% posted a profit of S$113.5 million for its second half ended Dec 31, down 54.7 per cent from S$250.8 million in the previous corresponding period.
This translates to a basic earnings per share (EPS) of S$0.121 against an EPS of S$0.27 in the year-ago period.
H2 revenue fell 23.6 per cent on the year to S$1.7 billion, compared with S$2.2 billion previously, the group said on Wednesday (Feb 26).
The board proposed a final dividend of S$0.08 per share, unchanged from the year prior. Subject to shareholders&rsquo approval at the Apr 23 annual general meeting, it will be paid on May 20 after the record date of May 5.
With the special interim dividend of S$0.02 per share, paid in September 2024, this brings the total dividend for the 2024 financial year to S$0.10 per share, representing a dividend payout ratio of 47 per cent.
For the full year, CDL&rsquo s net profit sank 36.6 per cent to S$201.3 million from S$317.3 million in the year-ago period, translating to a basic EPS of S$0.213 against S$0.336 previously. Its revenue fell 33.8 per cent to S$3.3 billion from the record S$4.9 billion in FY2023.
The declines were driven primarily by its property development segment, which recorded &ldquo substantially lower contributions&rdquo for FY2024, with its revenue contracting 66.4 per cent to S$939.4 million from S$2.8 billion in FY2023.
This was partly due to FY2023 recording &ldquo significant&rdquo contributions, including contributions of around S$1 billion from its joint venture executive condominium Piermont Grand (which were recognised in its entirety when the project obtained its temporary occupation permit in January 2023), and of around 50 billion yen (S$495 million) from the divestment of its freehold land site in Shirokane, Tokyo, in the third quarter of FY2023.
Construction delays and elevated costs faced by some projects impacted CDL&rsquo s profit recognition schedule and further affected the segment. However, CDL&rsquo s investment properties and hotel operations segments both posted revenue growth. Revenue for the investment properties segment climbed 11.2 per cent on the year to S$499.6 million from S$449.5 million. This was due to contributions from acquisitions including St Katharine Docks in London and several living-sector assets in Tokyo and Osaka, as well as organic growth from CDL&rsquo s flagship property, Republic Plaza in Singapore, and from its Jungceylon Shopping Center in Phuket, Thailand, which reopened in June 2024 after extensive asset enhancement works.
Revenue for the hotel operations segment grew 8.2 per cent to S$1.6 billion from S$1.5 billion in the year prior. This was driven by contributions from the opening of M Social Phuket in June 2024 after its refurbishment, and from the two acquisitions of Sofitel Brisbane Central hotel in December 2023 and the Hilton Paris Opera hotel in May 2024.
Net gearing ratio (after factoring in fair value on investment properties) rose to 69 per cent as at Dec 31, from 61 per cent for FY2023, mainly due to acquisitions CDL made in FY2024.
As at Dec 31, 2024, its net asset value inched up 0.5 per cent to S$10.17 per share from S$10.12 per share in the year-ago period, while its revalued net asset value per share (factoring in fair value gains on investment properties) climbed 2.1 per cent at S$17.57 per share, from S$17.21 per share in FY2023.
Its earnings before interest, taxes, depreciation, and amortisation fell to S$1 billion from S$1.1 billion in the year prior.
Globally, its revenue per available room in 2024 grew 2.6 per cent to S$172.5 from S$168.1 in 2023, bolstered by hotel acquisitions and openings.
CDL executive chairman Kwek Leng Beng said that the group had secured gains from well-sold residential projects which would be recognised progressively, notwithstanding the global real estate sector&rsquo s macroeconomic challenges.
He added: &ldquo Our hospitality portfolio continues with a steady momentum, boosted by the strategic additions of the Hilton Paris Opera and the Sofitel Brisbane Central hotels.&rdquo
CDL group chief executive Sherman Kwek said that it will continue to focus on strengthening its financial position through capital recycling and attractive acquisitions.
On Wednesday morning, the company called for a trading halt and called off its earnings briefing scheduled for the same day, pending the release of an announcement.
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halleluyah
Supreme |
27-Feb-2025 09:38
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4.01 ? Tats also blw 5.00...tis stock like having ca, stage 4...
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MrBear12
Supreme |
27-Feb-2025 09:33
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Can accumulate soon below 500 | ||||
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FATABA
Supreme |
27-Feb-2025 09:20
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That is really what I called " family run business" ....how many years since the sincere saga....and it has continued till now ...this episode blown up .....if not this counter will continue and continue. City will have a LONG recovery road to gain back trust if it will ever. DYODD
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tongphlp
Supreme |
27-Feb-2025 09:08
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that' s a given, during the Sincere saga....unfortunately, it' s a family run biz..u have the answer...
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tongphlp
Supreme |
27-Feb-2025 09:01
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or make him ceo of toilets....quite an impt post...dirty toilets leads to poorer biz
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tongphlp
Supreme |
27-Feb-2025 08:58
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nvr mind, CDL has another $2b to burn! small money!
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Sgvale
Supreme |
26-Feb-2025 21:48
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Sherman will have another accolade of accused attempted coup by his father & cause of CDL share plunge tmr to his name.
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MrBear12
Supreme |
26-Feb-2025 21:40
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Son must leave company. | ||||
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