Revenue for the 12 months ended Dec 31, 2025, was up by 9.7% y-o-y to $3.59 billion, mainly driven by “robust” residential sales in Singapore and strong capital recycling gains. The group achieved record residential sales value in the country at $4.35 billion and divested its 50.1% stake in South Beach to its joint venture (JV) partner, IOI Properties, in the second half of last year. In total, the group achieved around $2 billion in contracted divestments, which outpaced acquisitions.
Analysts are mostly keeping their “buy” calls on City Developments (CDL) — with the exception of OCBC Investment Holdings’ “hold” call — after the property group reported a 212.8% y-o-y surge in its FY2025 earnings of $629.7 million.
Patmi would have been closer to $800 million if not for the group’s “prudent” decision to take in $155 million in impairments and foreseeable losses for its overseas properties, which are mainly for two of the group’s commercial properties in China — a business park in Shenzhen and a commercial complex in Shanghai, notes group CEO Sherman Kwek.
