CDL sales slump in Q1 without big launch

Revenue dropped to $609.6m as Newport Residences replaced larger 2025 projects.

City Developments Limited (CDL) reported lower property sales in the first quarter (Q1) of 2026, with group and joint venture sales falling to 242 units worth $609.6m, compared with 795 units worth $1.9b a year earlier.

The group linked the decline to the absence of a large-scale launch in Q1 2026, unlike the same period in 2025.

Sales in the quarter were led by the 246-unit ultra-luxury Newport Residences, launched in January. The project has sold 192 units, or 78%, to date, at an average price of about $3,200 per square feet (psf). It forms part of the Newport Plaza mixed-use development at Anson Road.

In contrast, Q1 2025 volumes were lifted by The Orie, a 777-unit project that sold 668 units during its launch weekend.

According to the Urban Redevelopment Authority (URA), developers sold 2,013 private residential units (excluding executive condominiums) in Q1 2026, down from 3,375 units a year earlier.

CDL said Singapore’s residential market remained stable during the quarter, with steady demand across new launches and a 0.9% rise in private home prices.

The group also continued to see strong sales across existing projects, including The Orie and The Myst, both over 90% sold, as well as Zyon Grand and Norwood Grand, which are more than 88% sold.

In February 2026, CDL acquired a 131,744-square-foot (sq ft) Government Land Sales site at Tanjong Rhu Road in a 90:10 joint venture with Woh Hup Holdings for $709.3m. The site is expected to yield around 518 apartments.

The group plans to launch its 570-unit Lucerne Grand project in Jurong Lake District in Q3 2026, whilst two executive condominium projects totalling 732 units are expected to launch in Q1 2027.

CDL reported committed occupancy of 96.9% for its Singapore office portfolio and 96.8% for its retail assets.

Hotel revenue per available room (RevPAR) rose 4.3% in Q1 2026, supported by stronger demand in Singapore and other key markets, including events-led activity such as the Singapore Airshow 2026, CDL reported in April.

The group said its net gearing stood at 72% following the acquisition of the Tanjong Rhu site.

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