Singapore's City Developments H1 profit triples on Lumina Grand recognition

City Developments

13/08/2026 24:27

Overview
Singapore property developer's H1 2026 revenue rose 61% yr/yr to S$2.7 bln
Profit before tax for H1 2026 surged 189% yr/yr to S$403.8 mln
Results driven by 166.8% jump in property development revenue and higher hotel segment earnings

Outlook
CDL to complete strategic review by end-September 2026, with future direction to be articulated then
Co expects enhancement works at Millennium Hotel Broadway Times Square to be completed in Q4 2026
CDL plans to launch Lucerne Grand in Oct 2026, with Wynwood Grand and Solano Grand targeted for Q1 2027 and the Tanjong Rhu Road and Peck Hay Road JV sites to follow through 2H 2027

Result Drivers
PROPERTY DEVELOPMENT - Co said revenue growth was mainly driven by a 166.8% yr/yr jump in property development segment, supported by Lumina Grand and other Singapore projects
HOTEL OPERATIONS - Co said hotel segment saw 4.9% increase in global RevPAR for H1 2026, with higher revenue and net exchange gain from SGD appreciation
CAPITAL POSITION - Co said robust capital position with S$2.0 bln in cash and S$4.9 bln in undrawn credit facilities supports future revenue and earnings growth

Company press release: ID:nSN1jvB94

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
S$2.72 bln
 
H1 Pretax Profit
 
S$403.80 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", no "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the real estate rental, development & operations peer group is "buy"
Wall Street's median 12-month price target for City Developments Ltd is S$11.35, about 44.4% above its August 12 closing price of S$7.86
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 16 three months ago

Reuters Recommended Reads
Aug 12 - Singapore's CapitaLand Investment H1 profit up 14% on higher fund management fees
Aug 12 - Singapore's GSH Corp half-year revenue falls 32% on weaker property sales
Aug 11 - UK's InterContinental Hotels H1 RevPAR up 4.1%

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)