Impairments for its Hotels and London Projects Weigh on City Developments' 4Q Result
City Development’s fourth-quarter result was weaker against a comparatively strong period last year. Last year’s result included revenue from the entire Brownstone project and partial divestment of two Chongqing projects. This result also included an impairment charge of SGD 94.1 million for its hotel operation and another SGD 20.1 million impairment provision for its two Central London projects. The latter is likely the projects in Belgravia and Knightsbridge and are small relative to the conte...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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