CDL acquired Shirokane in September 2014 for JPY30.5 billion or the equivalent of $355.5 million at the time, and divested the site for JPY50 billion ($450 million) in 3Q2023.
Following the results of the developers for FY2023 for the year to Dec 31, 2023, JP Morgan has said that City Developments’ net profit was some $30 million below its forecast because of higher interest cost.
CDL’s FY2023 profit before tax rose by 90% y-o-y $353 million because of lumpy earnings on the back of the completion of executive condominium Piermont Grand in 1H2023 and profit from the sale of the Shirokane site in Tokyo.
