Key Points
(Bloomberg) -- Singapore property giants 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.ge..
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-states largest listed developer said Wednesday..
Real estate investment manager CapitaLand Investment said net income fell 79% to S$181 million..
Singapores residential market is cooling, China remains mired in a three-year housing crisis and a commercial real estate slump is reverberating around the world, hurt by the double whammy of high interest rates and post-pandemic remote work..
CDLs results were resilient despite an extremely challenging year for the global real estate sector, with a high interest rate environment, inflation, weak global economies and geopolitical tensions, Executive Chairman Kwek Leng Beng said in a statement..
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