CDL Reports Good 3Q Result; Acquisitions Add to Recurring Income
Despite tougher conditions after the government acted decisively in tightening measures in July this year, no-moat City Development, or CDL, reported a good third-quarter result. The result does not alter our view on CDL as the developer continues to expand its portfolio of investment properties and seek to increase its proportion of recurring income, in addition to its hotel operation Millennium and Copthorne, or M&C. The undisclosed SGD 300 million acquisition flagged at the second result ...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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