City Developments Limited
City Developments Limited, or CDL, is a publicly listed real estate company with operations in 26 countries. Its portfolio includes residences, shopping malls, hotel ownership and management, and hospitality solutions. Founded in 1963, CDL is one of Singapore’s most diversified companies, with over 18 million square feet of floor area worldwide. Its chief executive officer and chairman are Kwek Leng Beng and Sherman Kwek, respectively.
CDL’s portfolio includes over four7,000 residences and nearly eleven million square feet of developed property. The company also has interests in serviced apartments, shopping malls, and hotel projects. Its diverse portfolio of properties ensures a stable cash flow, and the company isn’t overly reliant on a single business segment. Its international operations contributed a total of 44% of EBITDA to the group.
Today, CDL focuses on the development of residential, office, and hotel properties. One of its most notable projects is the 66-floor Republic Plaza, Singapore’s tallest building. It also owns over 140 hotels in the world under the Millennium & Copthorne Hotels arm. Its investments in real estate are one of its biggest sources of revenue. It also boasts a strong portfolio of properties that have been leased or sold to tenants.
As a pioneer in the real estate industry, CDL has been committed to reducing the environmental impact of its properties. The company is committed to a zero-carbon future and has set scientific emission reduction targets for each of its buildings. It has also signed the WorldGBC’s Net Zero Carbon Buildings Commitment and aims to have all of its new developments net-zero by 2030, and advocates achieving zero-carbon operational emissions by 2050.
CDL has a long history of innovation. Its Innovation Lab has been focused on smart green home features, and tropical technologies. The company has been in partnership with the National University of Singapore since 2016. In recent years, its projects have incorporated new solar technology, anti-bacterial solutions, and sustainable building materials. In addition to its innovation, CDL has set up an incubator with UNDP and the Singapore Centre for Social Enterprise to help startups and innovators develop new solutions to meet the UN Sustainable Development Goals.