{
  "id": 19513847,
  "title": "CDL flags ‘significantly weaker’ performance for H2 2026",
  "url": "https://urgent.news/2026/11/11/cdl-flags-significantly-weaker-performance-for-h2-2026-19513847",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-11T14:45:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/cdl-flags-significantly-weaker-performance-for-h2-2026"
  },
  "original_language": "en",
  "account": "City Developments Limited (CDL) has announced that it anticipates a \"significantly weaker\" financial performance for its second half ending December 31, 2026. This is a shift from the robust performance seen in the same period last year, when the group reported a capital-recycling gain of $473.1 million from the sale of the South Beach Consortium. The anticipated decline is attributed to adverse foreign exchange movements, particularly the Korean won's appreciation against the Singapore dollar since July, and the delayed completion of certain capital-recycling deals expected in 2027. CDL is currently valuing its property portfolio, which may result in impairment losses. The company is also actively pursuing divestment initiatives and optimization opportunities aligned with its capital-recycling priorities. CDL's net gearing ratio stands at 75% as of September 30, 2025, with a target of 55% by FY2029. The company's debt expiry profile remains healthy, with $2.1 billion in cash reserves and robust liquidity positions. In the third quarter, CDL's sales in Singapore totaled $322.6 million, a significant increase from 88 units worth $313.2 million in the same period last year. The group reported a 97.4% committed occupancy for its Singapore office portfolio, with two new Grade A office developments scheduled for completion in 2027 and 2028. CDL's global hotel operations showed revenue per available room growth, up 6.4% to $175.20 in the first nine months of the 2026 financial year. However, the group acknowledges that the global operating environment remains challenging, with heightened geopolitical uncertainties and financial market volatility.",
  "summary": "Certain capital-recycling divestments have not materialised; its property portfolio may see impairment losses.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}