(Feb 27): City Developments Ltd (CDL), the Singapore property group controlled by one of the country’s wealthiest families, saw its profits triple last year, helped by a renewed housing boom and divestments to trim debt. Net income jumped to S$630 million (US$498 million or RM1.94 billion) in 2025 from S$201 million a year earlier. It has focused on selling assets to cut debt, achieving about S$2 billion in divestments last year. Property development contributed most to the revenue jump, with a 24% increase year-on-year, driven mainly by Singapore projects. CDL’s chairman and family patriarch Kwek Leng Beng accused his CEO son in February 2025 of attempting a boardroom coup.

Source: The Edge Markets February 27, 2026 07:29 UTC