Despite challenging market conditions, Singapore-listed City Developments Limited (CDL) posted a record net profit of $410.5 million for Q4 2015, up 6.6 percent from the previous record of $384.9 million in Q4 2014.
The increase was fuelled by gains from monetising CDL’s three prime office assets in Singapore – 7 & 9 Tampines Grande, Manulife Centre and Central Mall (Office Tower), valued at $1.1 billion, and the $12 million contribution from the sale of a UK property.