- City Developments' 1H25 PATMI rose 3.9% y-o-y to S$91mil, but came in below expectations at 33% of our FY25e forecast, weighed down by a S$63.1mil unrealised net FX loss from US$ depreciation. Excluding FX effects, PATMI would have jumped 323% y-o-y to S$154.3mil.
- - Read this at SGinvestors.io -
- In 1H25, property development was the standout, with PBT surging 1800% y-o-y to S$152mil, underpinned by strong Singapore residential sales and the full profit recognition of Copen Grand EC.
- City Developments declared a special interim dividends of 3 cents, with potential for a special dividend at FY25 results, fueled by divestment proceeds.
The Positives
Strong Singapore residential sales and pipeline.
- - Read this at SGinvestors.io -
- Looking ahead, the Group plans to launch Zyon Grand in 4Q25 and has secured the Lakeside Drive GLS site for a 3Q26 launch. It was also the top bidder for the Woodlands Drive 17 and Senja Close EC sites, pending site award.
Ramping up the pace of divestments.
- Read more at SGinvestors.io.
