City Developments Limited (CDL)
City Developments Limited (CDL) is a significant worldwide real estate firm with 112 sites across 29 countries and regions.
Real-estate market leader
The Group is one of the biggest firms by market capitalization and is listed on the Singapore Exchange. Residences, offices, hotels, serviced apartments, retail malls, and integrated projects make up its income-stable and geographically varied portfolio.
Portfolio of global assets
The Group has constructed over 47,000 houses and owns over 23 million square feet of gross floor space in residential, commercial, and hospitality properties internationally, with a proven track record of over 55 years in real estate development, investment, and management. It has a worldwide land bank with a total size of 3.5 million square feet.
a worldwide hotel chain
The Group includes 152 hotels and 44,000 rooms globally, many of which are in major gateway cities, thanks to its wholly-owned hotel business, Millennium & Copthorne Hotels Limited (M&C).
Asset base sustainability
The Group is focused on improving the performance of its portfolio and increasing its recurring income streams to generate long-term sustainable value to shareholders, using its substantial experience in establishing and managing a diverse asset base. The Group is also expanding its fund management business, with a goal of $5 billion in assets under management (AUM) by 2023.
CDL was founded on September 7, 1963, in a modest, leased office at Amber Mansions, with just eight people, to buy, develop, and sell property. The company went public in November 1963, and its stock was listed on the Malayan Stock Exchange at the time.
The Formative Years
Fresh Breezes in Johor Bahru was CDL’s first housing project, and it pioneered the “show flat” idea. In 1966, CDL launched City Towers, its first high-rise residential building in Singapore, as well as Phase One of Clementi Park, the company’s first comprehensive condominium concept project.
A Fresh Start
Under the supervision and leadership of its founder, the late Mr Kwek Hong Png, the Hong Leong Group acquired a controlling position in CDL in 1972 and began a strategic expansion into investment properties. With the purchase of Guan Realty (Private) Limited in 1972, CDL began its diversification plan. City Plaza, CDL’s first mixed-use development, was completed in 1980 with the help of this recently acquired company.
Property Pioneer in Singapore
CDL became a significant property developer in Singapore because to the late Mr Kwek’s ambition and commercial ability. CDL built 21 residential homes and 12 investment properties in the 1980s, including City House in the heart of the Central Business District, which served as the company’s headquarters until 2018.
Purchasing a Hotel
With the establishment of King’s Hotel (now Copthorne King’s Hotel Singapore), CDL made its first venture into the hotel business. Orchid Inn (now The Glyndebourne, a residential complex) was also purchased about this period. After then, there was a period of fast growth and regionalization. Millennium & Copthorne Hotels Limited (M&C), the hospitality part of CDL, is now Singapore’s biggest international hotel company and one of the world’s largest hotel owners and operators.
Distinction for 50 Years
CDL has a distinguished tradition of industry leadership in championing green buildings, powered by our commitment to preserve as we develop, spanning more than five decades. As we continue to reshape the eco-landscape and establish new standards in innovation and sustainable development, we look forward to accomplishing new milestones. And to keep working toward our ultimate goal: a better home for everyone.
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