City Developments Limited (CDL) Q1 2026 Operational Update
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CDL’s residential sales in Q1 2026 were primarily driven by Newport Residences, which achieved a 57% take-up rate during its launch weekend in January.
CDL’s hotel operations recorded growth across Singapore, Australasia, Europe and New York, supported by strong performance in key markets. Pictured is the newly renovated M Social Hotel New York Downtown, which contributed to improved performance in Q1 2026.
City Square Mall achieved an occupancy of 97.8%, following the completion of its renovations and successful relaunch in March.
For Q1 2026, CDL delivered a resilient performance across its core business segments amid ongoing geopolitical uncertainties.
In Singapore, together with its joint venture associates, CDL sold 242 units with a total sales value of S$609.6 million. Sales were primarily driven by the launch of Newport Residences, its 246-unit ultra-luxury freehold development, which achieved a 57% take-up rate over its launch weekend in January and is 78% sold to date.
The Group’s investment properties segment in Singapore remained robust, with committed occupancy at 96.9% for office and 96.8% for retail, outperforming island-wide benchmarks. Its flagship eco-mall, City Square Mall, recorded an occupancy of 97.8%, supported by strong footfall and leasing momentum following the completion of its final enhancements. The refreshed mall was officially relaunched in March.
CDL’s hotel operations also recorded improved performance, with global Revenue Per Available Room (RevPAR) increasing 4.3% year-on-year to S$144.8 in Q1 2026 from S$138.8 in Q1 2025, driven by growth across Singapore, Australasia, Europe and New York.
Looking ahead, CDL continues to maintain cost discipline while navigating global macroeconomic headwinds. Capital recycling remains a core focus and there are more divestments in the pipeline slated for completion in 2026 and beyond. In Q3 2026, the Group plans to launch Lucerne Grand on Lakeside Drive near Jurong Lake Gardens. Located beside Lakeside MRT station, the 570-unit development is poised to benefit from the upcoming Jurong Lake District, widely regarded as Singapore’s second CBD.
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CDL Hospitality Trusts (CDLHT) Q1 2026 Operational Update
Following the completion of its multi-year renovation works, W Singapore - Sentosa Cove is set to further strengthen its appeal as a vibrant island getaway.
Grand Millennium Auckland has just completed a multi-year renovation, upgrading the hotel to a 5-star status.
CDLHT delivered a strong performance in Q1 2026, with RevPAR growth recorded in all markets except Japan and Maldives. Net property income (NPI) rose 10.4% year on year, supported by broad-based growth across the portfolio. Notably, NPI for The Castings more than doubled as the property moved beyond its initial ramp-up phase. The property is expected to deliver a more stabilised level of NPI from 2026 onwards.
As part of its proactive capital management strategy, CDLHT raised a total of S$250 million in perpetual securities through two tranches: S$150 million at 3.7% p.a. in November 2025 and S$100 million at 4.0% p.a. in February 2026. Proceeds were used to retire higher-cost borrowings with a blended cost of 5.6% p.a. On a pro forma basis, this results in net interest savings of S$4.6 million and DPU accretion of 3.1% based on FY2025 figures. This exercise has lowered CDLHT’s weighted average cost of debt to 2.8% and gearing to 35.3% as at 31 March 2026, strengthening its balance sheet position and financial flexibility.
While the Middle East conflict has negatively impacted overall performance at the portfolio level, the effect has not been material to date. Modest cancellations and some moderation in the pace of new bookings have been observed. Notwithstanding potential pressure on travel demand, the impact of rising energy costs on operating expenses is expected to be limited, as tariffs have been fixed for majority of the portfolio until at least the end of the year. For the Singapore hotels specifically, energy tariffs have been secured at a fixed rate through 2026, with materially lower rates locked in from 2027 to 2031, providing meaningful cost visibility and margin protection over the medium term.
Across the hotel portfolio, several asset enhancement initiatives are also expected to support future growth. Following the completion of its multi-year renovations, W Singapore - Sentosa Cove is positioned for improved operating performance. Similarly, the newly upgraded Grand Millennium Auckland is well positioned to benefit from demand catalysts, including the opening of the New Zealand International Convention Centre. CDLHT continues to invest in asset enhancement initiatives to strengthen the competitive positioning of its assets and drive long-term value creation. In May 2026, room renovation works commenced at M Hotel Singapore as part of these efforts.
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