City Developments - Phillip Securities 2026-03-05: Unlocking Value Through Faster Recycling

• City Developments (SGX:C09)'s FY25 PATMI of S$630mil (+213% y-o-y) exceeded our expectations, coming in at 88% above our FY25e estimate. Growth was driven by strong Singapore residential sales and substantial capital recycling gains, with ~S$2bn in divestments in FY25, including the sale of its 50.1% stake in South Beach.
• - Read this at SGinvestors.io -

The Positives

Record residential sales in FY25, with strong momentum expected to continue.

• - Read this at SGinvestors.io -
• Including the recently secured Tanjong Rhu Road site, the Group now has a strong development pipeline of 1,820 units, with the Lakeside Drive site planned for launch in 3Q26.

More divestments in the pipeline.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Previous report by Phillip:
2026-01-05 City Developments - Picking Up The Pace Of Divestments.

Price targets by 4 other brokers at City Developments Target Prices.

Listing of research reports at City Developments Analyst Reports.

Relevant links:
City Developments Share Price History,
City Developments Announcements,
City Developments Dividend Payout Dates & Corporate Actions,
City Developments News