Singapore Property Firms’ Profit Hit by High Rates, Downturn
- Net income at CDL and CapitaLand falls more than expected
- Year was ‘extremely challenging,’ CDL executive chairman says
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Singapore property firms City Developments Ltd. and CapitaLand Investment Ltd. reported bigger-than-expected declines in full-year profits, after being battered by high interest rates and a global real estate downturn.
Net income at CDL dropped to S$317 million ($236 million) for the year ended December, down 75% from a record in 2022, the city-state’s largest listed developer said Wednesday. CapitaLand Investment’s profit fell 79% to S$181 million.