City Developments Limited

City Developments Limited
Public
Traded as SGX: C09
OTC Pink: CDEVY
Industry Real estate development, Hospitality
Founded November 1, 1963
Revenue Decrease SGD 3,162.146 million (2013)[1]
Decrease SGD 869.886 million (2013)[1]
Decrease SGD 823.136 million (2013)[1]
Total assets Increase SGD 10.524.956 billion (2013)[1]
Total equity Increase SGD 5.439294 billion (2013)[1]
Website www.cdl.com.sg

City Developments Limited (Chinese: 城市发展集团; pinyin: Chéngshì Fāzhǎn Jítuán), abbreviated as CDL, is a Singaporean multinational property development and hospitality corporation. It is one of the largest property developers in Singapore and Asia.[2]

History

CDL was incorporated on 1 September 1963 and went public on the then Malayan Stock Exchange on the same year.[3]

In 1965, its first development, Fresh Breezes, in Johor Bahru was completed.[4] CDL pioneered the showhouse concept for the sale of Fresh Breezes, where a mock-up unit is created to promote the development to prospective buyers.[5]

Mr Kwek Hong Png, founder of Hong Leong Group, acquired a controlling stake of CDL in 1972,[6] which it maintains until today.[7]

In 1980, CDL forayed into the hospitality sector with the acquisition of a 65 percent (2.9 million shares) stake of King's Hotel for SG$13.64 million.[8] CDL rapidly expanded its portfolio of hotels with acquisitions such as Grand Hyatt Taipei and Orchid Inn Penang. A subsidiary, CDL Hotels International Limited, was created and listed on the Hong Kong Stock Exchange in 1989.[9]

In 1987, CDL, through its parent subsidiary, Hong Leong Holdings, acquired two pieces of land in Raffles Place, intending to gain a stake in the upcoming Republic Plaza building project.[10] After months of negotiation with the original partners, CDL gained a 50% stake in the project in 1988.[11] The building, which is one of the tallest in Singapore, was subsequently completed in 1995.

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "Unaudited Full Year Financial Statement for the Year Ended 31 December 2013" (PDF). City Developments Limited. 27 February 2014. Retrieved 25 March 2014.
  2. ↑ Gallezo, Krisana (30 April 2013). "Singapore's 13 most valuable property developers". Singapore Business Review. Retrieved 24 March 2014.
  3. ↑ "Cities Developments Limited: Share Capital". The Sunday Times (Press release). Singapore. 10 November 1963: 14.
  4. ↑ "C.D. building plans ahead of schedule". The Straits Times (Singapore). 14 May 1965. p. 14.
  5. ↑ Yong, Judith (12 December 1965). "Window shopping for homes". The Sunday Times (Singapore). p. 15.
  6. ↑ Boon, Rachel (7 September 2013). "CDL marks 50th birthday with big bash". The Straits Times (Singapore). p. C4.
  7. ↑ "CDL - City Developments Limited - Ownership Profile". City Developments Limited. 5 March 2013. Retrieved 25 March 2014.
  8. ↑ "King's extension a timely affair". The Straits Times (Singapore). 20 June 1980. p. 20.
  9. ↑ "CityDev to list new hotel company in HK". The Straits Times (Singapore). 13 October 1989. p. 47.
  10. ↑ "OCBC confirms Raffles Place deal". The Straits Times (Singapore). 15 July 1987. p. 25.
  11. ↑ Lim, Eng Hai (14 April 1988). "CityDev gets lion's share of Republic Plaza office project". The Straits Times (Singapore). p. 23.

External links