As Singapore’s pioneer property developer, CDL has weathered many economic storms since its inception over 45 years ago. The Group maintains a nimble and innovative approach to market changes, adapting and responding to such challenges quickly and astutely.

With the uncertainty cast by the ongoing global financial crisis, the Group was not spared the same quagmire that has gripped world economies. It continues to remain vigilant and flexible in its business approach, employing a variety of strategies that will enhance its capabilities, allowing it to emerge with strength when the global economy recovers.


Even with the lacklustre performance of the Singapore property market, CDL’s key launches in 2008 were nevertheless met with success.

In June, 25 units in Phase 1 of Shelford Suites, a freehold 77-unit boutique development nestled in the midst of a lush residential enclave off Dunearn Road, were released for sale.

Anticipating a demand for mass market developments, the Group launched Livia, a joint-venture residential project with Hong Realty (Private) Limited and Hong Leong Holdings Limited, located at Pasir Ris Grove in July. Response to the 724-unit mass-market condominium has been enthusiastic, with 80% of the 200 units released under Phase 1 sold during the soft-launch. To-date, more than 350 of the 440 units released in the 99-year leasehold condominium have been sold.

Launched to resounding success, 80% of the released units at Livia were sold during the soft-launch.

In light of the deepening global economic crisis and subdued property market, the Group decided to hold back the launch of its new residential projects in 2008. However, it proceeded with the construction for The Arte at Thomson and The Quayside Collection at Sentosa Cove, both of which were secured at relatively low land and construction costs. By continuing to monitor the market conditions closely and time its launches appropriately, the Group is confident that when market sentiments improve and when it decides to launch these projects, it will be able to make good profits and book in more profits based on the stage of construction at the time of sales.

While CDL’s future residential icons are poised in the wings for launch, the completion of its highly-anticipated iconic residences during the year attracted much of the spotlight.

Redefining the Singapore skyline with its sleek sculptural form is The Sail @ Marina Bay. As the first completed residences in the new Downtown, The Sail has truly brought to life the concept of “Live, Work and Play” to the residents of its 1,111 units. This architectural icon is jointly developed by CDL and AIG Real Estate Global Investment Corp.

The recent completion of the St. Regis Residences, on the other hand, heralded in a new haute art of living, where a world of timeless elegance and legendary hospitality is an everyday affair. Residents of the 173 beautifully-appointed apartments in Singapore’s first branded residence will enjoy the legendary bespoke services offered by the adjoining six-star St. Regis Singapore hotel. This landmark residence of unsurpassed luxury is jointly developed by CDL, Hong Leong Holdings Limited and TID Pte. Ltd..

Parc Emily, a 295-unit residence located in the lush Mount Emily enclave, was also completed in 2008. Jointly developed by CDL and TID Pte. Ltd., Parc Emily is the first residence to be equipped with the twin-chute pneumatic waste disposal system in Singapore.


Beyond shaping the skyline with residential icons of the future, the Group has also been adding vibrancy to the cityscape with the introduction of new commercial complexes designed with environmental sustainability in mind, refreshing retail experiences, as well as the rejuvenation of existing properties.

On the commercial front, CDL’s properties under development are progressing well and will be added to the Group’s sizeable portfolio of investment properties when they are completed. This includes 9 Tampines Grande that is targeted for completion by 2009. A third of this modern office building has been leased out to a reputable anchor tenant. Another commercial development scheduled for completion in 2009 is 11 Tampines Concourse.

In September, CDL unveiled the nine anchor tenants of its 11- storey City Square Mall at a signing ceremony. The anchor tenants, including household names like Metro, NTUC Fair- Price, Best Denki, as well as Kopitiam and Banquet food courts, account for 197,000 square feet of retail space. Over 75% of the retail space has been committed to-date.

With some 250 shops, the Group’s flagship 700,000 square feet City Square Mall will be one of Singapore’s largest malls when it opens in the fourth quarter of 2009. Strategically located in the Little India/Farrer Park precinct, one of the top five tourist spots in Singapore, the family-friendly Eco-Mall will be particularly accessible to shoppers along the North- East MRT line as it is directly connected to the Farrer Park MRT Station.

Leading the way in illuminating Orchard Road, CDL celebrated the completion of the facade makeover of its upscale shopping mall Palais Renaissance in December, with the unveiling of the world’s first dancing lights facade. Featuring a double-skin glass facade embedded with three-dimensional colour-changing eco-friendly LED lights, the dancing lights will enliven the nightscape and enhance the Orchard Road shopping experience. Created by renowned design consultant Kajima Design Asia, the lights are programmed to the specially-choreographed “Music of Light” concept that is the brainchild of award-winning architectural lighting designer Mr Hiroyasu Shoji. The dramatic new facade, along with the upgrading of the mall’s interiors, reaffirms Palais’ position as a boutique mall that offers a timeless combination of elegant and luxurious fashion – for a pleasurable shopping experience.

The rejuvenated facade of Palais Renaissance illuminates Orchard Road with the world’s first dancing lights.

As fine examples of environmentally-friendly developments, both 9 Tampines Grande and City Square Mall were awarded the BCA Green Mark Platinum, the highest tier rating for green buildings, for their eco-friendly features. In recognition of CDL’s leadership and commitment towards environmentally sustainable development, CDL was also conferred the inaugural BCA Green Mark Champion Award by the Building and Construction Authority (BCA) in 2008.


In line with the Group’s continuous review and evaluation of its existing asset portfolio, CDL remains responsive to unlocking the value of its non-core assets.

Through its wholly-owned subsidiary, City Capital Corporation Pte Ltd, CDL entered into a conditional Sale and Purchase Agreement with Pioneer Panda Pte. Ltd. for the sale of Commerce Point for $180.7 million. The sale of the 999- year leasehold 19-storey office building was completed on 3 July 2008.


Recognising the challenges ahead, the Group took strategic steps to build on its competitiveness and enhance its financial position to seize potential opportunities at the right time.

In August, CDL entered into a memorandum of understanding (MoU) with National University of Singapore’s School of Design and Environment through its Master of Science (Environmental Management) programme for a joint research collaboration to develop innovative features and solutions in the environmental aspects of property development, building management and facilities management. This agreement marks the first partnership between NUS and a leading property developer in the area of environmental management.

Yet another milestone was achieved later in the same month, when CDL announced that it would be issuing Singapore’s first Sukuk-ljarah unsecured financing arrangement, under a proposed $1 billion Islamic Multi-Currency Medium Term Notes (MTN) Programme to tap new markets and investors. CIMB-GK Securities Pte Ltd, a wholly-owned subsidiary of CIMB Group, was appointed as the lead arranger for the programme.

This issuance marks a milestone for Singapore as the city develops Islamic Finance as an alternative mode for investment and fund raising. Beyond adding another dimension to CDL’s financial strength and further enhancing the Group’s war-chest, the Islamic MTN programme is expected to raise CDL’s profile and extend its reach amongst investors in the international Islamic capital markets, allowing it to connect with an alternative and fast-growing liquidity pool. Being a pioneer of Singapore’s first Islamic MTN programme allowed the Group to tap new investors via an alternative financing stream and to enjoy a firstmover advantage.

The first issuance of $100,000,000 3.25 per cent. Islamic Trust Certificates due 2010 under the Islamic MTN programme, through the Group’s wholly-owned special purpose company, Citydev Nahdah Pte. Ltd., was done on 22 January 2009.


With 102 hotels in 18 countries worldwide, CDL’s London-listed hospitality arm, Millennium & Copthorne Hotels plc (M&C) is amongst the world’s fastest growing hotel companies. In line with its global strategy, M&C welcomed many new additions to its growing portfolio in 2008.

Leading the way was Asia and the Middle East, with the opening of four new properties in each region. The first two franchised hotels in China, the Millennium Harbourview Hotel Xiamen and the Copthorne Hotel Qingdao, were opened, along with the Grand Millennium Beijing in China.

With a worldwide pipeline of almost 5,200 hotel rooms across 17 hotels for 2008, M&C will continue to expand in 2009.

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