CDL shares fall 8% after developer warns of significantly weaker second half

Résumé détaillé

CDL shares fall after the developer warns of a significantly weaker second half and flags inflation, interest rates and FX losses. Read more at straitstimes.com.

CDL shares were trading at around $6.50 at 10am on Nov 12, down almost 8.6%. At the start of 2026, they were trading for as much as $10.

SINGAPORE – City Developments Limited (CDL) shares slipped by as much as 8% when the market opened on Nov 12 after the property developer warned that its second-half performance for 2026 would be significantly weaker than a year earlier.

CDL shares were trading at around $6.50 at 10am, down almost 8.6%. At the start of the year, they were trading for as much as $10.

In an operating update released after the market closed on Nov 11, CDL said persistent inflation and elevated interest rates had pushed back some deals it had expected to complete by the end of 2026.

The year-on-year decline is likely to look more stark as the company booked a $473.1 million gain in the second half of 2025 from the sale of its stake in South Beach Consortium.

The slowdown comes after the developer in September revealed a new strategy targeting $6 billion in asset disposals by 2029.

CDL said foreign exchange losses are likely to also weigh on earnings. It noted specifically that the Korean won’s appreciation against the Singdollar since July has led to significant foreign exchange losses for its South Korean subsidiary on a Singdollar-denominated loan owed to it by another group entity.

The developer added that it is revaluing its property portfolio, a process that could lead to impairment losses.

It said its Singapore property sales picked up in the third quarter, although demand came mainly from existing projects due to the absence of new launches. CDL and its joint venture partners sold 124 units worth $322.6 million, up from 88 units worth $313.2 million a year earlier.

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