# CDL property development revenue jumps in 1H2026 on Lumina Grand EC; to launch Lucerne Grand in October

- **Source:** EdgeProp Singapore
- **Published:** 2026-08-13T00:18:39.000Z
- **Author:** EdgeProp Singapore
- **Original:** https://www.edgeprop.sg/property-news/cdl-property-development-revenue-jumps-1h2026-lumina-grand-ec-launch-lucerne-grand-october
- **Topics:** Private Residential, New Launches, Transactions & Deals

## Featured rationale

The uplift and strong sell-through at completed projects signal healthy demand, potentially supporting developer confidence ahead of the 570-unit Lucerne Grand launch in October.

## AI summary

CDL’s property development revenue more than doubled from $583 million in 1H2025 to around $1.56 billion in 1H2026, mainly from fully recognising Lumina Grand EC.

## Original article

City Developments Ltd (CDL) saw group revenue climbing 61.1% y-o-y to $2.72 billion for the first half of this year, with property development continuing to be the largest contributor though all its business segments recorded higher revenue.

Overall, net attributable profit after tax and minority interest (Patmi) roughly tripled to $301.6 million for the half year ended June 30, 2026, up from $91.2 million in 1H2025.

The property development segment’s revenue surged to around $1.56 billion — more than double the $583 million in 1H2025, according to an Aug 13 bourse filing.

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This significant increase was driven mainly by contributions from the full recognition of Lumina Grand executive condo (EC). Further support came from Newport Residences, which launched in January 2026, as well as other Singapore projects such as Norwood Grand and Union Square Residences.

The 512-unit, fully sold Lumina Grand EC in Bukit Batok was completed in April 2026, obtaining its temporary occupation permit (TOP). This enabled its revenue and profit to be fully recognised under prevailing accounting policies for ECs. Lumina Grand was launched in January 2024.

Over in Woodlands, the 348-unit Norwood Grand condo, about 92% sold as of Aug 10, also achieved its TOP just this August.

Two other project completions coming up are the 696-unit, 99% sold CanningHill Piers, as well as the 408-unit, 97% sold The Myst, both of which are expected to be completed in the fourth quarter of this year.

Looking ahead, the Lucerne Grand project along Lakeside Drive is slated to be launched for sale this October.

With 570 condo units across five 17-storey residential towers, the project will also feature supermarket and F&B space at the first storey, and is directly linked to Lakeside MRT Station.

Read also: GLS sites in Marina South and Orchard released for sale; can yield 390 and 110 homes

CDL’s Singapore residential launch pipeline also includes the Wynwood Grand EC and Solano Grand EC, with target launch dates in 1Q2027, as well as the Tanjong Rhu Road and Peck Hay Road joint venture projects in 2Q2027 and 2H2027 respectively.

Meanwhile, the group’s hotel operations and investment properties segments recorded steady growth, supported by improved operating performance and recent acquisitions such as the Holiday Inn London - Kensington High Street.

The hotel operations segment posted a 6.4% y-o-y increase in revenue to about $782 million for the first half of this year, supported by a 4.9% rise in revenue per available room (RevPAR).

In terms of its refurbishment and development initiatives, the 124-room Millennium Premier Hotel New York Times Square in the US reopened on June 1 this year after an extensive renovation of its guest rooms and public areas.

And at the adjacent Millennium Hotel Broadway Times Square with 626 rooms, enhancement works are expected to be completed by 4Q2026.

In California, the construction of the 263-room M Social Hotel Sunnyvale is on track for completion in 4Q2026.

Read also: UOL readies mega Thomson Reserve condo launch in 4Q2026, and luxury NoMad Hilton hotel debut

Phased renovation works at M Hotel Singapore (415 rooms) are ongoing and expected to continue through 3Q2027, while Copthorne King’s Hotel (169 rooms in the main wing) and Millennium Hotel London Knightsbridge (222 rooms) are set to complete major renovations in 2027.

Revenue from the investment properties segment edged up by 3.2% to $257 million. The segment was mainly impacted by lower capital recycling gains, coupled with the absence of contributions from properties that were sold in 2025. Completed divestments in 1H2026 included Quayside Isle and the remaining strata units at Fortune Centre.

Check out the latest listings for Lumina Grand, Lucerne Grand, Newport Residences properties

## Chinese translation

> Translation model: openai_codex_cli

### 受 Lumina Grand EC 带动，CDL 2026年上半年房地产开发营收大增；Lucerne Grand 将于10月推出

位于 Bukit Batok 的 Lumina Grand EC 已于4月竣工。靠近 Jurong Lake Gardens、拥有570个单位的 Lucerne Grand 公寓将接续登场。

City Developments Ltd (CDL) 今年上半年集团营收同比增长61.1%，至新币27.2亿元，房地产开发继续是最大贡献来源，尽管其所有业务板块均录得更高营收。

截至2026年6月30日止半年度，整体税后及少数股东权益后归属净利润（Patmi）大约增至三倍，达新币3.016亿元，高于2025年上半年的新币9,120万元。

根据8月13日提交的交易所公告，房地产开发板块的营收飙升至约新币15.6亿元，是2025年上半年新币5.83亿元的两倍多。

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这一显著增长主要由 Lumina Grand 执行共管公寓（EC）的全面确认贡献推动。Newport Residences 以及 Norwood Grand 和 Union Square Residences 等其他新加坡项目也提供了进一步支持，其中 Newport Residences 于2026年1月推出。

位于 Bukit Batok、拥有512个单位且已全数售罄的 Lumina Grand EC 于2026年4月竣工，并取得临时入伙准证（TOP）。这使其营收和利润能够根据现行 EC 会计政策得到全面确认。Lumina Grand 于2024年1月推出。

在 Woodlands，拥有348个单位的 Norwood Grand 公寓截至8月10日约售出92%，也刚在今年8月取得 TOP。

另外两个即将竣工的项目是拥有696个单位且已售出99%的 CanningHill Piers，以及拥有408个单位且已售出97%的 The Myst，两者预计均将在今年第四季度竣工。

展望未来，位于 Lakeside Drive 沿线的 Lucerne Grand 项目计划于今年10月推出销售。

该项目由五栋17层住宅楼组成，共有570个公寓单位，一楼还将设有超市和餐饮空间，并与 Lakeside MRT Station 直接相连。

另读：Marina South 和 Orchard 的 GLS 地块推出销售；可提供390套和110套住宅

CDL 的新加坡住宅推出管线还包括 Wynwood Grand EC 和 Solano Grand EC，目标推出日期为2027年第一季度；以及 Tanjong Rhu Road 和 Peck Hay Road 合资项目，目标推出日期分别为2027年第二季度和2027年下半年。

与此同时，该集团的酒店运营和投资物业板块录得稳定增长，受到运营表现改善以及 Holiday Inn London - Kensington High Street 等近期收购项目的支持。

今年上半年，酒店运营板块营收同比增长6.4%，至约新币7.82亿元，受到每间可用客房收入（RevPAR）上升4.9%的支持。

在翻新和开发计划方面，位于美国、拥有124间客房的 Millennium Premier Hotel New York Times Square 在对客房和公共区域进行大规模翻新后，已于今年6月1日重新开业。

而毗邻、拥有626间客房的 Millennium Hotel Broadway Times Square，提升工程预计将于2026年第四季度完成。

在 California，拥有263间客房的 M Social Hotel Sunnyvale 建设进展顺利，预计将于2026年第四季度完工。

另读：UOL 准备在2026年第四季度推出大型 Thomson Reserve 公寓项目，并推出豪华 NoMad Hilton 酒店

M Hotel Singapore（415间客房）的分阶段翻新工程正在进行，预计将持续至2027年第三季度；Copthorne King’s Hotel（主楼169间客房）和 Millennium Hotel London Knightsbridge（222间客房）则计划于2027年完成重大翻新。

投资物业板块营收微升3.2%，至新币2.57亿元。该板块主要受到资本循环收益减少以及2025年已出售物业不再贡献收入的影响。2026年上半年完成的资产出售包括 Quayside Isle 以及 Fortune Centre 剩余的分层产权单位。

查看 Lumina Grand、Lucerne Grand、Newport Residences 物业的最新挂牌