* Includes share of after-tax profit of associates and jointly-controlled entities.


Revenue decreased by $88.7 million to $773.1 million (2007: $861.8 million) and pre-tax profit decreased by $30.2 million to $476.1 million (2007: $506.3 million).

The decrease in revenue was attributed to the fact that completed projects such as Monterey Park, No. 7 Draycott Drive, Residences @ Evelyn, Savannah CondoPark, The Pier at Robertson and The Imperial which had contributed to 2007 revenue were fully sold by end of 2007. In addition, there was lower revenue recognition from City Square Residences, The Equatorial and Chelsea Gardens as well as decline in land bank sale in New Zealand. This was partially mitigated by revenue accounted for One Shenton, The Solitaire, Wilkie Studio and Cliveden at Grange and increased contribution from Botannia. In accordance to the Group’s policy of equity accounting for the results of its jointly-controlled entities, whilst revenue from The Sail @ Marina Bay, Parc Emily, The Oceanfront @ Sentosa Cove, Ferraria Park and St. Regis Residences, had not been consolidated into the Group’s total revenue, the Group’s share of profits arising from these joint venture developments had been included in pre-tax profit.

Pre-tax profit of 2008 was lower than 2007 on account of lower contribution from The Sail @ Marina Bay and St. Regis Residences, partially offset by increased contribution from The Oceanfront @ Sentosa Cove. In addition, there was also write-back of allowance for foreseeable losses for certain development projects in 2007.


Revenue declined by 6.1% to $1,866.0 million (2007: $1,986.5 million). The decrease in revenue was attributable to strengthening of Singapore dollars, particularly against Sterling Pound. This was however partially mitigated by improvement in the Group’s RevPAR based on reported currency.

Pre-tax profit reported a decline of 14.2% to $245.0 million (2007: $285.4 million) for 2008. The decrease, which was in-line with the decline in revenue, was also a result of higher impairment losses provided on certain assets located in United States, United Kingdom and India. In addition, impairment losses were provided on a hotel in Beijing and loan to a joint venture in Bangkok in 2008. This was however partially mitigated by the gain of £31.4 million (approximately S$73.2 million) arising from the forfeiture of non-refundable cash deposit relating to aborted sale of CDL Hotels (Korea) Limited.


Revenue increased by 22.3% to $246.5 million (2007: $201.5 million) for 2008 largely due to improvements in both average rental rates and occupancy.

Pre-tax profit for 2008 had increased by 2.0% to $136.3 million (2007: $133.6 million) mainly due to a gain recognised on sale of Commerce Point in July 2008, higher rental income, recovery of some property taxes from tenants and increased profit contribution from CDL Hospitality Trusts. This was partially offset by the impairment losses of $23.7 million on an investment property in Japan and land in United States. Included in pre-tax profit of 2007 was write-back of impairment losses of approximately $75.0 million.


Revenue, comprising mainly income from building maintenance contracts, management fee, club operations and dividend, increased by $3.4 million to $59.7 million (2007: $56.3 million) for 2008 on account of higher management fees income, partially offset by lower dividend income.

Whilst revenue had increased, a pre-tax loss of $23.6 million (2007: pre-tax profit of $29.3 million) was reported. This was largely due to mark-to-market losses on financial assets held for trading being accounted under the current bearish stock market as compared to gains recognised in 2007 as well as share of losses from joint ventures in education services and investment dealing activities.

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