MARKET REVIEW AND CDL GROUP’S PERFORMANCE

CDL Group achieved revenue of S$3.6 billion (FY2024: S$3.3 billion) for the full year ended 31 December 2025 (FY2025). The property development segment was the largest contributor to revenue growth, rising 24.1% for FY2025. The increase was supported by higher contributions from Singapore projects such as The Myst, Norwood Grand and Union Square Residences, the sale of the Ransome’s Wharf site in London, and the office component of Suzhou Hong Leong City Center in China.

The Group achieved a significantly higher net profit after tax and non-controlling interest (PATMI) of S$629.7 million (FY2024: S$201.3 million). This was underpinned by strong capital recycling gains and a spectacular performance for the property development segment, notwithstanding a total of S$155 million in impairments and foreseeable losses for overseas properties.

In Singapore, the Group and our JV associates sold 1,657 units including ECs, with a total sales value of S$4.35 billion (FY2024: 1,489 units with a total sales value of S$2.97 billion), marking the highest sales value in the Group’s history.

The strong performance was attributed to the Group’s two highly successful launches for the year:

  1. The Orie (777 units) – 95% sold as of 25 February 2026
  2. Zyon Grand (706 units) – 87% sold as of 25 February 2026

As of 31 December 2025, the Group’s Singapore office portfolio1 achieved a committed occupancy of 97.8%, significantly outperforming the island-wide rate of 88.9%.2 This high occupancy was driven by proactive asset management and the sustained performance of the Group’s key assets like Republic Plaza and City House, which maintained healthy committed occupancies of 98.3% and 100%, respectively. For the year under review, the Group secured approximately 557,000 square feet (sq ft) of new leases and renewals in our office portfolio, including a new anchor tenant at Union Square Central which is undergoing construction and set to be operational by 2029.

The Group’s Singapore retail portfolio3 achieved a committed occupancy of 97.6% as of 31 December 2025, well above the island-wide rate of 93.7%.2 This outperformance reflects resilience and sustained tenant demand even in a selective retail leasing environment. For the year under review, the Group secured approximately 181,000 sq ft of new leases and renewals in our retail portfolio.

In FY2025, the Group’s global Revenue Per Available Room (RevPAR) increased 1.3% to S$173.6 (FY2024: S$171.3), driven by strong growth in Australasia, Paris and New York despite a slowdown in Asia.

As of 31 December 2025, the Group maintained a robust capital position with cash reserves of S$2.1 billion, and cash and undrawn committed credit facilities totalling S$4.2 billion. After factoring in fair value on investment properties, the Group’s net gearing ratio stands at 71% (FY2024: 69%) due to acquisitions completed during the year, such as a mixed-use development site in Shanghai’s Xintiandi, three Singapore Government Land Sales (GLS) sites at Lakeside Drive, Woodlands Drive 17 and Senja Close, and the Holiday Inn London – Kensington High Street hotel in the UK.

Key Financial Information (in Singapore Dollar)

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Year 2021 2022 2023 2024 2025
Revenue $2,626 m $3,293 m $4,941 m $3,271 m $3,587 m
Tax paid $100 m $338 m $226 m $114 m $119 m
Staff costs $542 m $713 m $715 m $717 m $771 m^
Profit before tax $215 m $1,857 m $473 m $374 m $772 m
PATMI $85 m $1,285 m $317 m $201 m $630 m
Return on equity 1.0% 13.9% 3.5% 2.2% 6.6%
Net asset value per share $9.26 $10.16 $10.12 $10.17 $10.74
Basic earnings per share 7.9 cents 140.3 cents 33.6 cents 21.3 cents 69.4 cents
Ordinary dividend per share
– Final 8.0 cents 8.0 cents 8.0 cents 8.0 cents 25.0 cents4
– Special interim 3.0 cents 12.0 cents 4.0 cents 2.0 cents 3.0 cents
– Special final 1.0 cents 8.0 cents – – –
– Distribution in specie of units in CDL Hospitality Trusts 20.2 cents5 – – – –
1 Comprises office only properties and the office component within integrated developments.
2 Based on URA real estate statistics for Q4 2025.
3 Comprises retail only properties and the retail component within integrated developments. Includes Sengkang Grand Mall (in accordance with CDL’s proportionate ownership).
4 Final tax-exempt (one-tier) ordinary dividends proposed for the financial year ended 31 December 2025 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting.
5 Based on the CDLHT unit price of S$1.27 on 25 May 2022.
* As the proposed REIT listing of the two UK commercial properties did not materialise, in accordance with SFRS(I) 5, the Group has reclassified the assets held for sale and the liabilities directly associated with the assets, back to the Group’s respective assets and liabilities. Restated PBT and PATMI are lower by $12.9MM for FY2021 vis-à-vis previously reported
^ Excluding staff costs for directors which are disclosed in CDL’s AR 2025, note 38.