CDL doubles sales revenue to $1.9b in Q1 2025

It sold 795 units, 85% higher than the same quarter in 2024.

City Developments Limited (CDL) and its joint ventures logged a sales revenue of $1.9b in Q1 2025, a 155% increase in sales value compared to a year earlier.

The real estate company sold a total of 795 units during the quarter, according to a bourse filing.

In comparison, CDL sold 429 units with a total sales value of $736.8m in Q1 2024.

CDL credits its strong sales performance to the launch of The Orie, its JV project at Toa Payoh, in January 2025. The Orie has sold 668 of its 777 units on launch weekend, with an average selling price of $2,704 per square foot (psf). It has now sold 703 or 91% of its total units.

Lumina Grand, its 512-unit executive condominium (EC) project in Bukit Batok, is 98% sold. Its 638-unit Tembusu Grand JV project is 93% sold.

The 408-unit The Myst at Upper Bukit Timah is 82% sold, whilst the 366-unit Union Square Residences at Havelock Road has sold a third of its total units.

In H2 2025, CDL will launch the Zion Road (Parcel A) JV project, a mixed-use development with direct connection to the Havelock MRT station. It will comprise of two 62-storey residential towers with 706 units in total, and a 36-storey tower with 376 serviced apartments, according to CDL.

Singapore hotels’ RevPAR down but Asia’s rose
Separately, hotels owned by CDL achieved a revenue per available room (RevPAR) of $139.7, slightly lower than the $138 RevPAR in Q1 2024.

In Asia, Singapore hotels’ saw their RevPAR decline by 16.7% to $153.7 on lower ARR and occupancy.

The rest of Asia saw a 7.9% increase in RevPART to $114, led by Taipei, as well as improved occupancy in Manila and Jakarta.

Australasia hotels saw their RevPAR grow 10.9% to $147.3.

In Europe, RevPAR is up by 7.4% to $143.7. However, London saw a 1.1% RevPAR decline on softening room rates, CDL said.

RevPAR in its US portfolio dipped 1.7% to $145.5 during the quarter, due to a 3.6 percentage point drop in occupancy.

New York hotels saw a 2.3% decline in RevPAR on ongoing renovations at Millennium Downtown New York. Excluding this, New York’s RevPAR would have risen 2.5$ during the quarter.

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