Piccadilly Grand, a fully- sold 407-unit JV project, obtained its Temporary Occupation Permit (TOP) in end-September and units are being handed over to purchasers (Picture: CDL)
City Developments Limited (CDL) published its operational update for 3Q2025 ended Sept 30 on Nov 17. In updates on its Singapore property developments, CDL highlighted that the group, together with its joint venture associates, sold 88 units worth $313.2 million in the third quarter, declining from the 321 units sold in 3Q2024 for $611.1 million.
The lower sales were due to the absence of new launches this quarter. In contrast, 3Q2024 sales were boosted by the launch of the 276-unit Kassia.
This brings the group’s property development sales for the first nine months of the year to 990 units totalling $2.5 billion in sales value. This is higher than the same period the year before, when 905 units with a sales value of $1.8 billion were sold in the first nine months of 2024.
Sales to date this year were underpinned by The Orie, the 777-unit condo at Toa Payoh Lorong 1 CDL is developing together with Frasers Property and Sekisui House. According to the company, 730 units (94%) at The Orie have been sold to date.
Piccadilly Grand, CDL’s 407-unit development at Farrer Park, which is a joint development with MCL Land, obtained its temporary occupation permit at the end of September. The residence is part of an integrated development that includes Piccadilly Galleria, a ground-floor retail podium.
The podium was recently sold as part of CDL’s capital recycling strategy. According to the company, the group launched Piccadilly Galleria for sale in September and subsequently completed the divestment of the podium on Nov 7 for $65.46 million, which translates to about $3,250 psf. CDL and MCL Land had previously put the retail podium on the market for $75 million in October 2024, before relaunching it for sale in May 2025 for $67.5 million.
The group also launched Quayside Isle, a retail and lifestyle hub at Sentosa Cove, for sale in September through an expression of interest exercise, which closed on Oct 15. CDL states it is now in advanced stages of discussions with shortlisted parties.
In its update, CDL notes residential sales have picked up after the seasonal lull in September during the Hungry Ghost Festival, bolstered by moderating interest rates. Last month, 590 units (84%) were snapped up at an average price of $3,050 psf during the launch weekend for Zyon Grand, CDL's 706-unit project on Kim Seng Road. Units sold included one of the two penthouses, which fetched over $10 million.
About 84% of Zyon Grand buyers are Singaporean, while 14% are permanent residents from countries including China, Malaysia, India, Indonesia, South Korea and Japan. The development is a joint venture project with Mitsui Fudosan (Asia).
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Outside Singapore, CDL highlights that its wholly-owned subsidiary CDL China, and its joint venture associates sold 120 residential, office and retail units in China for the first nine months of 2025 with a total sales value of RMB263.8 million ($48 million). It also plans to launch phase 1 of the residential component at Hong Leong Larimar Centre, a mixed-use development in Suzhou’s High-Speed Railway New Town, in 1Q2026.
In terms of outlook, CDL says the group’s core property development operations remain resilient, with a strong pipeline of well-located projects.
For investment properties, CDL reports that in Singapore, its office portfolio achieved a committed occupancy of 97.3% as of Sept 30, supported by strong occupancies at Republic Plaza and City House. Its retail portfolio had an occupancy of 96.9% as of Sept 30, supported by positive leasing activity at City Square Mall and Palais Renaissance.
For its hotel operations, CDL highlights that the group’s hotels recorded a slight drop in global revenue per available room (RevPAR) of 0.3% to $165.8 million, mainly due to weaker performance in Asia. This was offset by a 10.7% RevPAR growth in the rest of UK and Europe, driven by the acquisition of the Hilton Paris Opera hotel in May 2024.
Singapore hotels registered a 10.6% y-o-y decline in RevPAR on the back of lower average room rate and occupancy, which CDL attributes to a high base effect from last year due to popular events including Taylor Swift concerts and the Formula 1 Singapore Grand Prix.