City Developments (C09) Q1 2025 TU earnings summary

Executive summary

• Achieved strong Q1 2025 property sales in Singapore, with 795 units sold and $1.9 billion in revenue, up 85% in volume and 155% in value year-over-year, driven by successful launches and robust market demand.

• Overseas property development advanced, with major approvals in the UK, high sales in Australia, and steady progress in China despite macroeconomic headwinds.

• Investment properties in Singapore outperformed market occupancy rates, while overseas portfolios showed mixed results, with strong retail and PRS performance in Japan and Australia, but challenges in China.

• Hotel operations saw global RevPAR growth of 1.2% to $139.7, with strong gains in Australasia and Europe, but declines in Singapore and the US due to high base effects and renovations.

Financial highlights

• Singapore property sales revenue rose to $1.9 billion in Q1 2025 from $736.8 million in Q1 2024.

• China sales totaled RMB 179.5 million ($33.2 million) in Q1 2025.

• Global hotel RevPAR increased 1.2% year-over-year to $139.7, with Australasia up 10.9% and Europe up 7.4%.

• Net gearing ratio stood at 72% as of 31 March 2025, with strong cash reserves of $2.0 billion and liquidity of $3.8 billion.

Outlook and guidance

• Cautiously optimistic on property sector resilience amid macroeconomic uncertainties, with a focus on disciplined land replenishment and capital management.

• Singapore's political stability post-elections expected to support sustained demand across sectors.