2007 was a year of remarkable
achievements – lined with highly-successful launches of
luxury residential landmarks and culminating in the Group’s
successful win of a highly-coveted land parcel in the city’s
Civic District. Together, these milestones attest to the Group’s
visionary leadership; as well as astute management strategy of
forging and leveraging on the strength of key partnerships.
SHAPING THE URBANSCAPE
Taking the lead in sculpting
the cityscape, CDL’s key launches in 2007 are definitive
architectural masterpieces that add a new dimension to Singapore’s
In January, the new Downtown
welcomed a jewel: One Shenton, an iconic residence with a one-of-a-kind
sculptural silhouette. Located at the fringe of Marina Bay, the
341-unit luxury development met with overwhelming response during
Capturing the uptrend in a
booming property market, the freehold 59-unit boutique luxury
residence, The Solitaire, was launched. A phenomenal success,
it was fully sold within a week after its soft launch.
tranquil and luxuriant surroundings at The Solitaire,
a boutique luxury residence at Balmoral Park.
With the emerging mid-tier market
segment, the Group launched its joint-venture project, Botannia.
Comprising 493 apartment units, the 956-year leasehold development
has met with enthusiastic response, with over 93% sold.
In the wake of the success of
its earlier high-end property launches, CDL released selective
units in its haute 110-unit residential landmark, Cliveden at
Grange for sale. With its unsurpassed location, distinctive architecture
and exclusivity, Cliveden at Grange has attracted strong foreign
haute residential landmark, Cliveden at Grange, offers
virtually 360 degree panoramas from every unit.
In a joint venture with US-based
Wachovia Development Corporation, the Group acquired 44 units
or two towers of the development for an aggregate sale price of
$432.4 million. This purchase, made five months after the soft-launch,
is in line with the Group’s business strategy of leveraging
on the capital appreciation potential of its developments.
Response from individual buyers
and retail investors, in particular foreigners, has been enthusiastic,
with over 90% of the units sold to foreigners.
As a round-up to the year,
Wilkie Studio, a boutique 40-unit residence near the Selegie arts
enclave was launched. Response has been positive and sales are
progressing well with almost 90% of the released units sold.
Extending beyond iconic architecture
of the present, the Group will continue to play a significant
role in leaving its imprint on the landscape through notable acquisitions,
both commercial and residential.
In one of the most closely-watched
commercial project tenders of the decade, a CDL-led consortium
which includes two other high profile global players, Istithmar
Group and Elad Group, emerged triumphant. The consortium was awarded
the bid to build an iconic mixed-use development at a major strategic
site at Beach Road, based not only on its tender price of $1.688
billion but other factors including design and concept, and environmental
The consortium’s proposal,
South Beach, is designed by prominent British architectural firm
Foster + Partners. As Singapore’s first Eco-Quarter, the
development comprises two towers rising up to 45 storeys in height
and four conserved blocks that will house premium office space,
two luxury hotels, exclusive city residences and exquisite retail
space, and has a total gross floor area of about 1.6 million square
Also on the commercial front,
CDL purchased the Tampines Grande and the adjoining Tampines Concourse
plots at the bustling Tampines Regional Centre. The land parcels
can be developed into office complexes with gross floor areas
of 361,662 and 124,011 square feet respectively.
Strengthening its position in
the luxury residential segment, CDL, in a 50:50 joint venture
with Wing Tai Land Pte. Ltd., through Summervale Properties Pte.
Ltd., purchased Anderson 18 for $477.7 million. The sizeable 112,098
square feet freehold site will allow for the creation of an ultra-luxurious
36-storey residence that befits its prestigious location.
The Group also concentrated
on residential areas with strong potential for growth. In line
with this strategic land acquisition policy, CDL made several
sizeable purchases to further strengthen its presence in the Thomson
vicinity. Apart from adding to its land bank, the Group believes
in creating value beyond the purchase of each individual plot.
In February 2007, CDL made
a successful bid for The Albany, a site measuring 41,688 square
feet, for $65 million. This was quickly followed by the acquisition
of another three freehold sites nearby for $81.3 million. Comprising
Concorde Residences, Balestier Court and Bright Building, the
amalgamated parcel, along with an adjoining state land, will give
a total land area of 60,548 square feet. Adding on the further
purchase of Thomson Mansions, a 17,445 square feet site that lies
adjacent to The Albany for $30 million, CDL has secured a sizeable
plot with a total land area of 133,169 square feet (including
adjoining pieces of state land). CDL will enjoy greater flexibility
in site development with this land parcel.
Leveraging on its wealth of
experience in property development, CDL entered into a memorandum
of understanding with DC Chemical Company Limited to jointly develop
a 1.55 million square metres integrated commercial, hotel and
residential project in Incheon, South Korea. It will invest equity
between US$150 and US$300 million in total for the large-scale
project, which is expected to be completed before the 2014 Asian
Games, which the city would be hosting.
CDL also extended its presence
to Russia, with the signing of an agreement to acquire a 50% stake
in Soft Proekt, which is valued at a total of US$125 million.
Soft Proekt owns the 211-room Iris Congress Hotel and a 9-storey
serviced apartment building in Moscow. The development of a mixed-use
complex on a vacant plot of land adjoining the existing hotel
is being planned. CDL’s hospitality arm, Millennium &
Copthorne Hotels plc (M&C), is currently in negotiations for
the management and operation of the hotel.
Through its global investments,
the Group is well-poised to benefit from the fast-growing China
economy. CDL, through its indirect subsidiary, Tianjin Trophy
Real Estate Co. Ltd, entered into a Sale & Purchase Agreement
to acquire a 36-storey office building with a gross floor area
of 382,119 square feet, in Tianjin, China for approximately US$66.6
million, subject to completion.
Raising the stakes in the investment
landscape is CDL Hospitality Real Estate Investment Trust (H-REIT),
the first hotel real estate investment trust in Asia (with the
exception of Japan), which added the 398-room Novotel Clarke Quay
to its portfolio of hotels. With this purchase, H-REIT successfully
expanded its portfolio by more than 20 per cent, from 1,926 to
2,324 rooms, making the main board listed CDL Hospitality Trusts
(CDLHT) the biggest hotel owner in Singapore, based on the number
SHAPING THE HIGH
Beyond redefining lifestyles
through iconic residences, CDL also believes in bringing the experience
of impeccable hospitality to new heights, with the opening of
the first international luxury hotel in Singapore in over a decade.
The St. Regis Singapore embodies
the exquisite hospitality and elegance that St. Regis is renowned
for. Managed by Starwood Hotels & Resorts, the 299-room hotel
is located at the prestigious Tanglin district. Adjoining the
hotel is the exclusive 173-unit St. Regis Residences, Singapore’s
first branded residences. The St. Regis Hotel and Residences is
a joint venture between CDL, Hong Leong Holdings Limited and TID
The St. Regis
Singapore opening was marked by the symbolic Handover
Ceremony, with the handing over of the key to the hotel
manager and operator.
As one of the world’s
fastest-growing hotel companies, M&C embarked on its strategic
expansion plans with the opening of new five-star Millennium properties,
including the Millennium Towers Hotel Dubai, the Millennium Oy
Oun Hotel Sharm el Sheikh and the Millennium Resort Patong Phuket.
To meet the needs of today’s
discerning international traveller, M&C introduced its crown
jewel – the Grand Millennium brand. Located in major gateways
and key cities, the Grand Millennium represents a new era of lavish
hotel experience. This top-tier brand within M&C’s portfolio
of Millennium, Copthorne and Kingsgate properties was unveiled
with the launch of the 468-room Grand Millennium Kuala Lumpur
and 325-room Grand Millennium Sukhumvit Bangkok.
Apart from M&C’s
strategy of focusing on actively maximising yield management opportunities,
the Group is also carrying out refurbishment works on several
existing hotels, while simultaneously expanding its portfolio
in East Asia, Middle East, Europe and United States.
Information as at 28 February 2008