City Development 3Q Result Underpinned by Resilient Hotel Business
Another resilient result from its hotel operation Millennium and Copthorne, or M&C, underpinned City Development's third quarter. The result does not alter our view on the property group as it continues to execute on its strategy to reach SGD 5 billion in acquisitions and investments. It was another busy quarter on the acquisition front, as the group added two Australian projects totalling AUD 57 million, along with (as previously noted) Amber Park, a residential project in Singapore, for SG...City Developments is a property developer and owner and investment holding company. Co. and its subsidiaries have four reportable segments: Property Development, which develops and purchases properties for sale; Hotel Operations, which owns and manages hotels; Rental Properties, which develops and purchases investment properties for lease; as well as Others, which comprises club operator and owner, investment in shares, property management, project management and consultancy services and provider of information technology and procurement services. The property development, hotel operations and rental properties segments are managed on a worldwide basis.
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