MARKET REVIEW AND CDL GROUP’S PERFORMANCE
CDL Group achieved revenue of S$3.3 billion (FY2023: S$4.9 billion) for the full year ended 31 December 2024 (FY2024).
The Group achieved a lower net profit after tax and non-controlling interest (PATMI) of S$201.3 million (FY2023: S$317.3 million). This was due to the property development segment registering substantially lower contributions in FY2024, partly due to significant contributions in FY2023 such as the S$1.0 billion contribution from our joint venture (JV) EC project, Piermont Grand, and the divestment of our freehold land site in Shirokane, Tokyo, for JPY 50 billion (S$495.0 million). Elevated financing costs and construction delays for certain projects also impacted the Group’s expected profit recognition schedule.
In Singapore, the Group and our JV associates sold 1,489 units including ECs, with a total sales value of S$2.97 billion (FY2023: 730 units with a total sales value of S$1.5 billion).
Four successful launches drove the robust performance:
- Lumina Grand (512-unit EC) – 89% sold as at 23 February 2025
- Kassia (276 units) – 71% sold as at 23 February 2025
- Norwood Grand (348 units) – 84% sold as at 23 February 2025
- Union Square Residences (366 units) – 31% sold as at 23 February 2025
As at 31 December 2024, the Group’s Singapore office portfolio1 achieved a committed occupancy of 97.7%, exceeding the island-wide office occupancy of 89.4%.2 This was primarily driven by increased occupancy at our JV project – South Beach, at 94.4%, as well as Republic Plaza, the Group’s flagship Grade A office building, at 99.3%. Similarly, the Group’s other key office assets, City House and King’s Centre, maintained healthy committed occupancies of 98.6% and 100%, respectively. The Group’s Singapore retail portfolio3 achieved a committed occupancy of 98.0% as of 31 December 2024, surpassing the island-wide retail occupancy of 93.8%.2
The Group’s hotel RevPAR grew 2.6% to S$172.5 for FY2024 (FY2023: S$168.1), bolstered by the acquisition of the Sofitel Brisbane Central and the Hilton Paris Opéra hotels in December 2023 and May 2024, and with continued growth in Rest of Asia, London and New York markets.
As at 31 December 2024, the Group maintained a strong capital position with cash reserves of S$2.8 billion4 and cash and available undrawn committed bank facilities totalling S$4.5 billion. After factoring in fair value on investment properties, the Group’s net gearing ratio stands at 69% (FY2023: 61%), mainly due to acquisitions in FY2024.
Key Financial Information (in Singapore Dollar)
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| Year | 2020 | 2021 | 2022 | 2023 | 2024 |
| Revenue | $2,108 m | $2,626 m | $3,293 m | $4,941 m | $3,271 m |
| Tax paid | $76 m | $100 m | $338 m | $226 m | $114 m |
| Staff costs | $517 m | $542 m | $713 m | $718 m | $717 m^ |
| Profit/(Loss) before tax | ($1,791) m | $215 m* | $1,857 m | $473 m | $374 m |
| PATMI | ($1,917) m | $85 m* | $1,285 m | $317 m | $201 m |
| Return on equity | (22.5)% | 1.0%* | 13.9% | 3.5% | 2.2% |
| Net asset value per share | $9.38 | $9.26* | $10.16 | $10.12 | $10.17 |
| Basic earnings per share | (212.8) cents | 7.9 cents* | 140.3 cents | 33.6 cents | 21.3 cents |
| Ordinary dividend per share | |||||
| – Final | 8.0 cents | 8.0 cents | 8.0 cents | 8.0 cents | 8.0 cents6 |
| – Special interim | – | 3.0 cents | 12.0 cents | 4.0 cents | 2.0 cents |
| – Special final | 4.0 cents | 1.0 cents | 8.0 cents | – | – |
| – Distribution in specie of units in CDL Hospitality Trusts | – | 20.2 cents5 | – | – | – |
| 1 | Includes South Beach (in accordance with CDL’s proportionate ownership). Excludes assets planned for redevelopment and divestment (ceased leasing activities) |
| 2 | Based on URA real estate statistics for Q4 2024 |
| 3 | Includes South Beach and Sengkang Grand Mall (in accordance with CDL’s proportionate ownership). Excludes assets planned for redevelopment, divestment (ceased leasing activities) and City Square Mall units affected by Asset Enhancement Initiatives (AEI) |
| 4 | Net of overdraft |
| 5 | Based on the CDLHT unit price of S$1.27 on 25 May 2022 |
| 6 | Final tax-exempt (one-tier) ordinary dividends proposed for the financial year ended 31 December 2024 will be subjected to the approval of the ordinary shareholders at the forthcoming Annual General Meeting |
| * | As the proposed REIT listing of the two UK commercial properties did not materialise, in accordance with SFRS(I) 5, the Group has reclassified the assets held for sale and the liabilities directly associated with the assets, back to the Group’s respective assets and liabilities. Restated PBT and PATMI are lower by $12.9MM for FY2021 vis-à-vis previously reported |
| ^ | Excluding staff costs for directors which are disclosed in CDL’s AR 2024, note 38 |