Singapore, Jan 25, 2026, 15:32 SGT — Market closed
- City Developments shares ended Friday at S$9.21, slipping 1% even as the broader market hit record highs
- With inflation easing, investors are turning their attention to Singapore’s monetary policy update on Jan 29
- CDL is set to release its FY2025 results on Feb 27
City Developments Ltd shares slipped 0.97% to close at S$9.21 on Friday, after fluctuating between S$9.21 and S$9.36 during the session. This came despite Singapore’s Straits Times Index hitting an intraday high and closing up 1.3% at 4,891.45.
The underperformance is significant heading into the new week as rate expectations resurface for property stocks. Singapore’s core inflation, excluding accommodation and private road transport, climbed 1.2% year-on-year in December. Policymakers have also signaled a rise in 2026. The next Monetary Authority of Singapore policy update is set for Jan. 29.
For developers, rate shifts hit quickly: they impact mortgage affordability, buyer mood, and carrying costs for land and projects. This often influences valuation arguments just as much as it does sales figures.
CDL has set one firm date: it will publish unaudited results for the year ended Dec. 31, 2025 before trading kicks off on Feb. 27. An analyst and media briefing will follow at 10 a.m., with a webcast also scheduled.
Traders will be watching closely for clues on cash returns, asset sales, and leverage — the go-to pressure points for a developer juggling hotel exposure and its Singapore residential operations — as the deadline approaches.
In a Jan. 16 note, DBS analyst Tabitha Foo highlighted that the stock’s surge into early 2026 was “boosted by the prospects of an uplift in dividends” tied to the end-February results. She maintained a “BUY” rating with a 12-month target price of S$11.80. The note also cited peer UOL as a crucial benchmark for how the sector is being valued by investors.
That said, the situation works both ways. Should inflation remain stubborn and policy tighter than anticipated, rising funding costs could weigh on housing demand, limiting how much optimistic dividend forecasts actually materialize.
Governance concerns linger in investor sentiment, even if they’ve quieted down. In March 2025, CDL revealed its executive chairman had withdrawn a lawsuit against his son, the CEO, following a public boardroom clash. Still, some analysts cautioned that major issues remained unsettled.
The next key event is Thursday’s MAS policy statement on Jan. 29. Afterward, eyes turn to Feb. 27, when CDL releases its FY2025 results ahead of the market open and answers investor questions during a 10 a.m. briefing.
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