24/04/2026, 07:02 REPL::Annual General Meeting::Voluntary
Issuer & Securities
REPL::ANNUAL GENERAL MEETING::VOLUNTARY
Issuer/ Manager
CITY DEVELOPMENTS LIMITED
Security
CITY DEVELOPMENTS LIMITED - SG1R89002252 - C09
Announcement Details
Announcement Title
Annual General Meeting
Date &Time of Broadcast
24-Apr-2026 07:00:16
Status
Replacement
Announcement Reference
SG260331MEETS2H7
Submitted By (Co./ Ind. Name)
Enid Ling Peek Fong
Designation
Company Secretary
Financial Year End
31/12/2025
Event Narrative | |||
Narrative Type | Narrative Text | ||
Additional Text | Please refer to the attached announcement for the Company's responses to substantial and relevant questions from shareholders and the Securities Investors Association (Singapore). | ||
Event Dates
Meeting Date and Time
29/04/2026 10:00:00
Response Deadline Date
26/04/2026 10:00:00
Event Venue(s)
https://links.sgx.com/1.0.0/corporate-announcements/F3EK6O0WAAOWTK27/e36eb0d7ddc96a4b0fd4e0ccccacd81d2b9c7622e0e1803054ae97… 1/2
24/04/2026, 07:02 REPL::Annual General Meeting::Voluntary
Place
Venue(s) | Venue details |
Meeting Venue | M Hotel Singapore, Banquet Suite, Level 10, 81 Anson Road, Singapore 079908 and using virtual meeting technology on Wednesday, 29 April 2026 at 10.00 a.m. |
Attachments
Responses to questions_AGM_SIAS_final.pdf
Total size =541K MB
Related Announcements
Related Announcements
31/03/2026 07:15:06
https://links.sgx.com/1.0.0/corporate-announcements/F3EK6O0WAAOWTK27/e36eb0d7ddc96a4b0fd4e0ccccacd81d2b9c7622e0e1803054ae97… 2/2
CITY DEVELOPMENTS LIMITED(Co. Reg. No. 196300316Z)
(Incorporated in the Republic of Singapore)
ANNUAL GENERAL MEETING ("AGM") TO BE HELD ON 29 APRIL 2026- RESPONSES TO SUBSTANTIAL AND RELEVANT QUESTIONS FROM SHAREHOLDERS AND SECURITIES INVESTORS ASSOCIATION (SINGAPORE)
The Board of Directors of City Developments Limited (the "Company") refers to its announcement on 31 March 2026 on the arrangements for the AGM, and in particular, the invitation to shareholders to submit substantial and relevant questions in advance of the AGM. The Company thanks shareholders for the questions submitted.
The Company has also received some questions from the Securities Investors Association (Singapore) ("SIAS"). Appendix 1 sets out the Company's responses to the substantial and relevant questions received from shareholders relating to the AGM and from SIAS relating to the Company's Annual Report 2025.
By Order of the Board
Enid Ling Peek Fong Soo Lai Sun Company Secretaries 24 April 2026
CITY DEVELOPMENTS LIMITED(Co. Reg. No. 196300316Z)
(Incorporated in the Republic of Singapore)
-
ANNUAL GENERAL MEETING ("AGM") TO BE HELD ON 29 APRIL 2026
- RESPONSES TO QUESTIONS FROM SHAREHOLDERS
No.
Question
Response
1.
The company holds some 35% of First Sponsor Group valued at $395 million. Is the investment considered a non-core business and subject to strategic review?
As part of CDL's ongoing capital and portfolio management processes, it regularly reviews its investments to ensure alignment with strategic priorities and to optimise long-term shareholder value.
CDL's investment in First Sponsor Group Limited ("FSGL") is accounted for as an associate under the equity method and is not marked to market. Notably, FSGL is thinly traded and has limited daily liquidity.
The Company will continue to evaluate its shareholding in FSGL in a holistic manner, alongside other capital allocation considerations.
2.
Dividend payouts have been lagging for long time. Please consider that going forward, shareholders can get at least 3% per year returns.
To strengthen alignment with shareholders' interests and enhance transparency and clarity of shareholder returns, the Company enhanced its dividend policy in February 2026 and intends to declare ordinary cash dividends at least once annually, with a payout ratio of minimally 35% based on reported PATMI.
With the improved performance in FY 2025, CDL increased dividends to 28 cents per share (FY 2024: 10.0 cents per share), representing a payout ratio of 40%.
While dividend yield may vary with market conditions and be impacted by share price movements and macroeconomic uncertainties, CDL focus remains on delivering sustainable shareholder returns.
The Company will continue to balance prudent capital management with shareholder returns through active capital recycling, investment in value-accretive growth and disciplined execution.
-
RESPONSES TO QUESTIONS FROM SECURITIES INVESTORS ASSOCIATION (SINGAPORE)
- BUSINESS OPERATIONS, STRATEGY AND OUTLOOK
No. | Question | Response |
1. | Would the board/management provide greater clarity on the following operational and financial matters? Specifically: | |
(i) | Singapore property development: The group recognised revenue of $4.35 billion in FY2025, the highest in its 63-year history, driven by launches such as The Orie and Zyon Grand. The group has a pipeline of approximately 1,820 units across EC (40%), mid-tier (31%) and high-end (29%) market segments. How does management assess current market conditions in Singapore, and what indicators are used to gauge demand sustainability and price stability? What risks could lead to a slowdown? | Demand for Singapore's private residential market is expected to remain resilient, though sales volumes may moderate given fewer launches this year. Private home prices are likely to remain stable with modest growth, supported by relatively lower interest rates, stable employment, a strong homeownership culture as well as Singapore's position as a global hub attracting capital inflows from investors seeking a stable, safe and transparent environment to live and do business in. The Group monitors key indicators such as sales volumes, conversion rates, inventory levels, URA price trends, Government Land Sales tender participation, and financing conditions, including mortgage rates and loan accessibility. Potential risks that may affect market sentiment include macroeconomic uncertainties such as the Middle East conflict, interest rate volatility, geopolitical developments and policy changes, which could dampen demand and price growth. The Group remains cautiously optimistic, with recent new launches, including Newport Residences (launched in January 2026 and now 76% sold), reflecting sustained demand for well-located and competitively priced projects. With a diversified pipeline spanning Executive Condominiums, mid-tier and high-end segments, the Group is well-positioned to capture demand across market cycles. |
(ii) | London hotels: The group acquired the freehold 706-room Holiday Inn London -Kensington High Street, located adjacent to the Copthorne Tara Hotel London Kensington. What are the group's plans for these assets? Is management considering repositioning, asset enhancements, or alternative including redevelopment? | The acquisition of Holiday Inn London - Kensington High Street hotel strengthens the Group's presence in Central London. The hotel is currently achieving high occupancy rates over 95% and generating a running yield in excess of 6%. Situated on a rare and sizeable freehold site, it allows for operational synergies and the pursuit of future enhancement opportunities. Together with the adjoining Copthorne Tara, the Group now controls two of the largest freehold sites in this highly sought-after precinct. The sites, whether on their own or amalgamated, offer significant long-term redevelopment potential. |
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