City Developments Limited is one of the largest real estate development companies in Singapore. The company engages in residential development (for both sale and leasing) and hotel operations. City Development’s London-based subsidiary, Millennium & Copthorne Hotels Limited (formerly Millennium & Copthorne Hotels plc), is one of the world’s largest hotel chains, with over 156 hotels worldwide, and accounts for the large majority of the company's hotel operations revenue.
City Developments has developed over 46,000 homes and owns over 24 million square feet of lettable floor area globally, and its diversified global land bank offers 4.1 million square feet of developable gross floor area. For the year end 31 December 2019, Singapore was the company's largest market by revenue, accounting for 45.18% (SGD 1549.2 million) of total revenue.
Founded in 1963, the firm went public the same year, listing its shares in the former Malayan Stock Exchange. In 1972, Hong Leong Group acquired a controlling interest in City Developments, making the firm a member of the Malaysian conglomerate. Hong Leong Group is still a majority shareholder in the company.
City Developments Limited is listed on the Singapore Exchange under the code C09.
Hotel operations – City Developments Limited owns and manages hotels both in Singapore and internationally. The hotel operations segment is largely comprised of City Developments Limited's wholly-owned subsidiary Millennium & Copthorne Hotels Limited (formerly Millennium & Copthorne Hotels plc). Hotels wholly-owned by the company and its subsidiaries in Singapore include Grand Copthorne Waterfront and M Social Singapore. For the year end 31 December 2019, the hotel operations segment accounted for 49.73% (SGD 1,705.0 million) of total revenue.
Property development – The property development segment develops and purchases properties for sale. For the year end 31 December 2019, the property development segment accounted for 33.15% (SGD 1,136.7 million) of total revenue.
Investment properties – The investment properties segment develops and purchases investment properties for lease. For the year end 31 December 2019, the rental properties segment accounted for 12.78% (SGD 438.1 million) of total revenue.
Others - City Developments' others segment is comprised mainly of investment in shares, management and consultancy services, and the provision of laundry services. For the year end 31 December 2019, the others segment accounted for 4.34% (SGD 148.8 million) of total revenue.
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