—posted its highest-ever net profit in 2022 as its hotels benefitted from a post-pandemic rebound in travel demand and the developer booked robust sales for its housing projects in Singapore, which has defied a global property downturn.
The company said net profit increased to S$1.3 billion in 2022, compared with S$84.7 million the previous year, bolstered by gains from the divestments of Millennium Hilton Seoul as well as sales of stakes in two commercial properties in Singapore. “The group is pleased to deliver a sterling set of results for 2022, driven by prudent divestments and strong operational performance from our core business segments,” Kwek, chairman of CDL, said in a. “Our hotel operations made an outstanding rebound, having recovered in most markets to pre-pandemic levels.”
CDL said group revenue rose 25% to S$3.3 billion, with residential sales accounting for 42% of total. Among its best sellers are Copen Grand, a joint venture with Hongkong Land unit MCL Land in the western Singapore suburb of Tengah Town. The project’s 639 apartment units were fully sold within a month after its launch in October.
Robust sales at CDL projects add to signs of resilient demand for private housing in Singapore, with buyers undeterred by rising interest rates and mounting inflationary pressures that could tilt the global economy into another recession. Singapore’s home prices climbed 8.6% in 2022 after rising 10.6% the previous year, government data showed.
Thanks for your interest, v. flattered, but I'm in talks with someone
Interesting ever heard of this!