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

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.

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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.

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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.

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