City Developments Limited (CDL)

City Developments Limited (CDL) stands as a prominent global real estate firm, operating across 112 locations in 29 countries and regions. CDL holds a significant market capitalisation as a Singapore Exchange-listed entity, making it one of the largest companies in the industry. CDL boasts a diverse and stable income portfolio, encompassing residences, offices, hotels, serviced apartments, shopping malls, and integrated developments across various geographies.

CDL has an impressive track record with a rich history of 60 years in real estate development, investment, and management. Over the years, they have successfully developed more than 50,000 homes and currently own approximately 21 million square feet of gross floor area across residential, commercial, and hospitality assets on a global scale.

CDL’s headquarters are presently located in Republic Plaza, Singapore. Kwek Leng Beng serves as the current Chairman, while his son, Sherman Kwek, currently holds the position of Chief Executive Officer. CDL was also ranked as the best condo developer in Singapore in 2023. 

Upcoming CDL Residential Projects

History

City Developments Limited (CDL) was founded on 7th September 1963 and its first project took shape in Johor Bahru, Malaysia. Subsequently, CDL embarked on its first Singapore project, City Towers in Bukit Timah, which was successfully completed in 1966, marking Singapore’s first high-rise development. Later in the same year, CDL also accomplished the city-state’s pioneering condominium project, Clementi Park.

Despite encountering challenges, such as the race riots in 1969 and the withdrawal of British troops from Singapore, which had an impact on property markets in both Malaysia and Singapore, CDL remained unprofitable for its initial seven years of operation. As a result, the company had to divest its properties in Johor Bahru and focus solely on the Singapore market. During this period, Hong Leong Group emerged as a crucial investor, acquiring a significant stake in CDL in 1969 and securing three seats on CDL’s board.

With the support of Hong Leong Group’s investments, CDL streamlined its operations, leading to the offloading of its industrial properties into Hong Leong Holdings, a subsidiary of the group. In 1989, CDL made a strategic move into the hospitality industry, establishing CDL Hotels International (CDLHI). This venture allowed CDLHI to acquire hotel properties across Asia, Europe, and the United States, further diversifying CDL’s portfolio.

CDLHI went on to strategically acquire hotel properties across Asia, Europe, and the United States. Leveraging the strength of the Millennium and Copthorne brands, CDL listed Millennium & Copthorne Hotels (M&C) on the London Stock Exchange (LSE) in 1996. Subsequently, CDL continued to expand its portfolio by acquiring additional hotel properties and brands, all consolidated under M&C.

M&C’s success also extended to hotel management, as they began to oversee properties owned by other firms worldwide. This expansion allowed M&C to establish a strong presence in the global hospitality industry, underlining CDL’s commitment to becoming a key player in the international hotel market.

​​In 2014, CDL made a significant organisational change by appointing Grant Kelley as the new Chief Executive Officer (CEO), recognizing his valuable international experience. This move coincided with the abolition of the managing director role, and Kwek Leng Beng assumed the position of Deputy Chairman.

Under Kelley’s leadership, CDL undertook a strategic diversification plan, shifting its focus away from the Singapore market towards exploring opportunities in the Australian, Chinese, Japanese, and British markets. As part of the company’s succession plan, Sherman Kwek, the elder son of Kwek Leng Beng, was appointed as Deputy CEO in 2015 and later became the Chief Operating Officer in 2018, ensuring a smooth transition within CDL management.

In June 2019, M&C’s board agreed to recommend a takeover offer from CDL for the shares it did not already own, valuing the business at £2.23 billion. The transaction became unconditional in September 2019, leading to M&C’s delisting from the London Stock Exchange on 11 October, effectively making it a full subsidiary of CDL.

Sustainability efforts

CDL is deeply committed to sustainability and has been actively implementing various initiatives to minimise its environmental impact and promote social responsibility. The company’s sustainability efforts revolve around three key pillars: environmental stewardship, social impact, and governance.

Moreover, CDL’s sustainability efforts have garnered recognition and accolades, including awards and certifications from reputable organisations such as the local governing authority, Building and Construction Authority (BCA).

More Information

For more information on CDL, kindly visit their website at https://www.cdlhomes.com.sg/ and https://cdl.com.sg/