
Last update at 2026-06-18T20:00:00Z
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The past three years for City Developments (SGX:C09) investors has not been profitable
Mon 19 May 25, 05:18 AMShould Income Investors Look At City Developments Limited (SGX:C09) Before Its Ex-Dividend?
Mon 28 Apr 25, 01:08 AMCity Developments (SGX:C09) Is Due To Pay A Dividend Of SGD0.08
Tue 22 Apr 25, 01:10 AMSingapore’s CDL Loses Top Developer Spot After Family Feud
Mon 03 Mar 25, 10:57 AMCity Developments Full Year 2024 Earnings: Misses Expectations
Mon 03 Mar 25, 12:57 AMIs City Developments Limited (SGX:C09) Worth S$5.1 Based On Its Intrinsic Value?
Mon 23 Dec 24, 12:49 AM| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 759.17M | 374.02M | 472.57M | 1856.77M | 227.75M |
| Minority interest | -5.94500M | -10.64800M | -31.49300M | -28.87700M | -42.18200M |
| Net income | 619.62M | 201.32M | 317.31M | 1285.32M | 139.84M |
| Selling general administrative | 613.85M | 574.75M | 581.45M | 593.68M | 501.46M |
| Selling and marketing expenses | - | - | 8.12M | - | - |
| Gross profit | 889.11M | 1461.94M | 1648.57M | 1246.95M | 977.71M |
| Reconciled depreciation | 289.74M | 277.32M | 254.03M | 276.43M | 277.55M |
| Ebit | 1249.34M | 923.14M | 664.41M | 420.11M | 321.87M |
| Ebitda | 1534.45M | 1200.46M | 882.88M | 696.54M | 649.90M |
| Depreciation and amortization | 285.11M | 277.32M | 218.47M | 276.43M | 328.02M |
| Non operating income net other | - | - | - | - | - |
| Operating income | 382.58M | 685.67M | 818.53M | 420.11M | 321.87M |
| Other operating expenses | 3166.74M | 2585.53M | 4122.59M | 3116.03M | 2385.86M |
| Interest expense | 490.17M | 549.12M | 444.11M | 240.07M | 180.94M |
| Tax provision | 135.87M | 162.06M | 123.76M | 542.57M | 87.91M |
| Interest income | 91.29M | 115.45M | 82.44M | 52.78M | 36.24M |
| Net interest income | -375.47700M | -443.92500M | -368.27300M | -193.71300M | -152.75300M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 133.70M | 162.06M | 123.76M | 542.57M | 87.91M |
| Total revenue | 3549.31M | 3271.20M | 4941.12M | 3293.41M | 2625.85M |
| Total operating expenses | 506.53M | 776.27M | 830.04M | 1069.56M | 737.72M |
| Cost of revenue | 2660.21M | 1809.26M | 3292.55M | 2046.47M | 1648.14M |
| Total other income expense net | 376.59M | -311.64200M | -345.96000M | 1436.65M | -94.12500M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 635.63M | 211.96M | 348.81M | 1314.20M | 139.84M |
| Net income applicable to common shares | - | - | - | 1272.42M | 84.75M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 27042.96M | 25606.89M | 24234.02M | 22981.04M | 23893.03M |
| Intangible assets | 1.76M | - | 1.61M | - | - |
| Earning assets | - | - | - | - | - |
| Other current assets | 727.34M | 457.06M | 144.95M | 212.60M | 3796.50M |
| Total liab | 16785.32M | 16297.89M | 14694.68M | 13416.22M | 14561.00M |
| Total stockholder equity | 9589.41M | 9088.29M | 9180.49M | 9216.33M | 8413.56M |
| Deferred long term liab | - | - | - | - | - |
| Other current liab | -274.45200M | 1443.46M | 1280.40M | 2272.00M | 2432.12M |
| Common stock | 1660.80M | 1942.36M | 1661.18M | 1991.40M | 1991.40M |
| Capital stock | 1921.46M | 1942.36M | 1965.59M | 1991.40M | 1991.40M |
| Retained earnings | 7959.02M | 7440.42M | 7340.01M | 7195.68M | 6232.81M |
| Other liab | - | - | - | 510.49M | 460.74M |
| Good will | - | - | - | - | - |
| Other assets | - | - | - | 5354.67M | 4177.85M |
| Cash | 2059.45M | 3001.38M | 2400.43M | 2363.20M | 2083.16M |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 3212.92M | 6303.75M | 5706.90M | 4917.70M | 7902.22M |
| Current deferred revenue | - | - | 235.99M | - | - |
| Net debt | 12611.77M | 10975.18M | 9896.44M | 8003.66M | 9322.16M |
| Short term debt | 3250.79M | 4622.08M | 3934.99M | 2378.83M | 5207.28M |
| Short long term debt | 3175.78M | 4595.67M | 3912.85M | 2354.02M | 5187.96M |
| Short long term debt total | 14671.23M | 13976.57M | 12296.87M | 10366.86M | 11405.32M |
| Other stockholder equity | -55.86640M | -294.49000M | 24.65M | 29.26M | 6422.16M |
| Property plant equipment | - | - | - | 4060.81M | 5361.84M |
| Total current assets | 4288.56M | 9971.60M | 10071.66M | 10579.68M | 11756.75M |
| Long term investments | - | - | - | - | - |
| Net tangible assets | - | - | - | 8884.40M | 8081.46M |
| Short term investments | 4.71M | 4.79M | 5.77M | 7.10M | 26.85M |
| Net receivables | 1497.06M | 1649.05M | 2633.59M | 256.73M | 2115.08M |
| Long term debt | 10220.53M | 8717.48M | 7713.09M | 7315.40M | 5952.03M |
| Inventory | 7152.11M | 4859.31M | 4886.93M | 5965.73M | 5850.24M |
| Accounts payable | 236.58M | 238.21M | 255.52M | 266.87M | 262.81M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | -234.77404M | - | -125.11300M | - | - |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | - | - | - | - |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | - | - | - | - |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 7525.31M | 7674.94M | 64.32M | 5314.31M | 4135.39M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 22754.40M | 15635.28M | 14162.36M | 12401.36M | 12136.27M |
| Capital lease obligations | 658.05M | 663.42M | 670.94M | 697.44M | 265.33M |
| Long term debt total | - | - | - | - | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | -31.23800M | -982.99300M | -1860.14400M | 779.97M | -164.31300M |
| Change to liabilities | - | - | - | -63.60200M | 309.26M |
| Total cashflows from investing activities | 1054.88M | -982.99300M | -1860.14400M | 779.97M | -863.40700M |
| Net borrowings | 313.36M | 1717.65M | 1635.55M | 96.84M | -621.67400M |
| Total cash from financing activities | 93.53M | 692.40M | 725.97M | -290.11300M | -1277.09900M |
| Change to operating activities | - | - | - | 11.15M | -43.75700M |
| Net income | 619.62M | 211.96M | 317.31M | 1314.20M | 139.84M |
| Change in cash | -769.24324M | 625.45M | -203.94900M | 304.01M | -1010.97600M |
| Begin period cash flow | 2828.70M | 2044.20M | 2248.15M | 1944.13M | 2955.11M |
| End period cash flow | 2059.45M | 2669.65M | 2044.20M | 2248.15M | 1944.13M |
| Total cash from operating activities | -1849.56494M | 929.67M | 950.35M | -125.51200M | 1134.24M |
| Issuance of capital stock | - | - | - | - | - |
| Depreciation | 285.11M | 277.32M | 254.03M | 276.43M | 277.55M |
| Other cashflows from investing activities | - | -362.96100M | 148.73M | 334.40M | -7.84700M |
| Dividends paid | 137.19M | 126.27M | 206.24M | -222.41500M | -173.94300M |
| Change to inventory | -2048.03218M | -244.27800M | 1230.67M | -61.59900M | 445.37M |
| Change to account receivables | -26.66192M | 303.57M | -565.34900M | -153.58300M | 664.24M |
| Sale purchase of stock | -20.57086M | -79.39900M | -25.80800M | - | - |
| Other cashflows from financing activities | -45.26475M | -819.57800M | -703.33600M | 1081.31M | 1280.97M |
| Change to netincome | - | - | - | -1516.95200M | -62.77600M |
| Capital expenditures | 499.60M | 654.24M | 279.59M | 388.73M | 414.75M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | - | - | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | - | - | - | - |
| Change in working capital | -2042.31111M | 268.59M | 241.78M | -176.73600M | 813.77M |
| Stock based compensation | - | - | - | - | - |
| Other non cash items | -711.97910M | 171.79M | 137.23M | -1539.40100M | -96.90700M |
| Free cash flow | -2349.16086M | 275.44M | 360.08M | -514.24400M | 719.49M |
Sector: Real Estate Industry: Real Estate - Development
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| CDEVY City Developments Ltd |
- -% | 6.40 | 12.21 | 19.34 | 1.64 | 0.79 | 5.53 | 13.07 |
| SUHJF Sun Hung Kai Properties Limited |
- -% | 14.30 | 9.97 | 8.90 | 0.43 | 0.40 | 0.63 | 1.27 |
| SUHJY Sun Hung Kai Properties Ltd |
0.01 0.07% | 14.58 | 9.96 | 8.70 | 0.44 | 0.39 | 0.63 | 1.27 |
| CRBJY China Resources Land Ltd ADR |
- -% | 41.75 | 7.21 | 6.05 | 0.10 | 0.66 | 1.28 | 6.42 |
| CHKGF CK Asset Holdings Limited |
- -% | 5.89 | 15.22 | 8.19 | 0.39 | 0.41 | 3.14 | 9.71 |
City Developments Limited (CDL) is a leading global real estate company with a network spanning 168 locations in 29 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its income-stable and geographically diverse portfolio comprises residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments. With a proven track record of over 60 years in real estate development, investment and management, the Group has developed over 53,000 homes and owns around 23 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally. Along with its wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited (M&C), the Group has over 160 hotels worldwide, many in key gateway cities. Leveraging its deep expertise in developing and managing a diversified asset base, the Group is focused on enhancing the performance of its portfolio and strengthening its recurring income streams to deliver long-term sustainable value to shareholders. The Group is actively pursuing its fund management growth strategy to further leverage its strengths.
9 Raffles Place, Singapore, Singapore, 048619
| Name | Title | Year Born |
|---|---|---|
| Mr. Leng Beng Kwek | Exec. Chairman | 1941 |
| Mr. Eik Tse Kwek | Group CEO & Exec. Director | 1975 |
| Ms. Yim Ming Yiong | Group Chief Financial Officer | 1973 |
| Mr. Eik Sheng Kwek | Group Chief Operating Officer | 1981 |
| Ms. Ong Siew Toh | Sr. VP of Group Accounts | NA |
| Mr. Ivan Ng | Chief Technology Officer | NA |
| Cindy Tan | Head of Admin. Department | NA |
| Ms. Belinda Lee | VP and Head of IR & Corp. Communications | NA |
| Ms. Sharifah Shakila Shah | Sr. VP of Legal | NA |
| Ms. Adeline Ong | Sr. VP of Sales & Marketing | NA |
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