CDL’S GROWTH JOURNEY 1960s 1970s 1980s – 1990s 2010s ‑ 2020s Beyond 2023 2000s SIGNIFICANT EVENTS IN SINGAPORE IN 1965: Singapore gained independence. MID 1970s: Singapore established a substantial industrial base. IN 1987: Singapore’s MRT system commenced operations. END 2000s: Singapore gained first world status. IN 2022: Singapore overcame the COVID-19 pandemic and fully reopens its borders. IN 1963: CDL began in a small office in Amber Mansions on 7 September 1963, staffed by only eight employees, to acquire, develop and sell property. The Company went public in November 1963 on the then Malayan Stock Exchange (now SGX). It completed its first housing project, Fresh Breezes in Johor Bahru in 1965, pioneering the “show flat” concept. In 1966, CDL completed City Towers – its first high-rise residential development in Singapore, and developed Phase One of Clementi Park, its first full condominium concept project. IN 1969: As CDL was struggling financially, Mr Kwek Leng Beng proposed to his father, the late Mr Kwek Hong Png, Founder of the Hong Leong Group (HLG), to start building a stake in CDL. With the elder Kwek’s belief that “where there is land, there is wealth, and wealth opens many avenues”, HLG invested in CDL, with Mr Kwek Leng Beng and two senior executives taking their positions on the CDL Board of Directors. Conserving as We Construct, Six Decades On... IN 1980: Mr Kwek Hong Png’s younger son, the late Mr Kwek Leng Joo, joined CDL to strengthen the management foundation. Throughout the 1980s, CDL launched 21 residential properties and completed 12 investment properties, including City House in the heart of Singapore’s CBD. In 1987, a prime site at Raffles Place was purchased, which gave rise to Republic Plaza, CDL’s flagship and current headquarters. The late 1980s saw CDL grow to become the largest listed property developer in Singapore, with its market capitalisation crossing the $2 billion mark. IN 1992: CDL started acquiring hotels in New Zealand and eventually established the Group as New Zealand’s largest hotel chain. IN 1996: CDL placed Singapore on the global map when Millennium & Copthorne Hotels plc (M&C) was listed on the London Stock Exchange, a first for a Singaporecontrolled company. IN 1972: HLG acquired a controlling stake in CDL and transformed it from a loss-making company into a profitable one. CDL started to grow from strength to strength through strategic diversification into investment properties. This began with the acquisition of Guan Realty (Private) Limited in 1972, which developed City Plaza, CDL’s first mixed-use development. IN 1974: The late Mr Kwek Hong Png took over the Chairmanship and Mr Kwek Leng Beng was appointed CDL’s Managing Director. Backed by the successful launch of City Plaza, CDL continued its trail-blazing acquisitions and soon gained recognition as a highly enterprising property developer and asset owner. SINCE 2000: Despite the challenging economic conditions with the outbreak of Severe Acute Respiratory Syndrome (SARS) slowing down the recovery of Asian economies, CDL continued to perform commendably. During this period, over 50 residential projects were completed, creating many firsts, including Singapore’s tallest residences (The Sail @ Marina Bay) and Singapore’s first branded residences (St. Regis Residences, Singapore) when the projects were launched in 2004 and 2006 respectively. City Square Mall, Singapore’s first eco-mall, was opened in 2009. IN 2006: M&C announced the initial public offering of CDL Hospitality Trusts (CDLHT). CDLHT is the first hotel Real Estate Investment Trust (REIT) in Singapore and is a stapled group comprising CDL Hospitality REIT and CDL Hospitality Business Trust. The same year, M&C also officially opened the five-star Millennium Hongqiao Hotel Shanghai (now known as Grand Millennium Shanghai Hongqiao), its first hotel in China. HUMBLE BEGINNINGS GLOBALISATION GROWTH TRANSFORMATION FORMATIVE YEARS SINCE 2010: CDL has embarked on a strategic diversification push to build its overseas property development and investment platforms – starting with China (since 2010) and expanding to include the UK (since 2013), Japan (since 2014) and Australia (since 2015). To future-proof its business, CDL has also expanded on initiatives to drive portfolio diversification and transformation. Since 2018, it has been actively pursuing growth of its fund management business, as well as building a sizeable living sector portfolio, with expansion into the Private Rented Sector (PRS), senior housing and student accommodation segments. IN 2019: CDL successfully completed the landmark privatisation of its Londonbased hospitality arm, based on a £2.23 billion valuation. With Millennium & Copthorne Hotels Limited (M&C) becoming a wholly-owned subsidiary, the Group embarked on an integration process to drive synergies and leverage its core competencies in real estate development and asset management. Today, CDL’s transformation from a fledging, loss-making company into a flourishing global conglomerate (one of the largest companies by market capitalisation) is nothing short of remarkable. Remembering its roots, CDL attributes its success to its founder, Mr Kwek Hong Png, who passed down sharp business acumen and a legacy of passion, commitment and perfectionism. With illustrious achievements and having weathered many challenges over the decades, including the recent COVID-19 pandemic, CDL has stayed focused on its growth journey, navigating headwinds while remaining steadfast in developing a brand synonymous with quality and excellence. In Singapore, CDL continues to redefine the city skyline with numerous award-winning architectural icons, such as the sculptural SOM-designed New Futura and the SCDA-designed Amber Park. OUR MILESTONES Republic Plaza City House The Sail @ Marina Bay South Beach Newport Plaza Amber Mansions, Singapore City Plaza, Singapore Republic Plaza, Singapore City Square Mall, Singapore Hong Leong City Center, Suzhou New Futura, Singapore OVERVIEW 3 2 OVERVIEW ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED
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