WEBVTT - How CDL built its property empire

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<v Speaker 1>It's a Singapore today top story with Lance and Daniels.

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<v Speaker 2>Well, City Developments Limited, CDL shares dropped to 16-year lows today,

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<v Speaker 2>the first day of trading resumption for the property giant.

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<v Speaker 2>And this follows a three-day halt due to an ongoing

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<v Speaker 2>power tussle between executive chairperson Kui Ling Being and his son,

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<v Speaker 2>Group CEO Sherman Kwek. The counter was last seen trading

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<v Speaker 2>at about $5 at 5:42 p.m. It's pulled back some

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<v Speaker 2>losses after sinking over 6%.

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<v Speaker 2>To $4.79 at the market open. How, there's a reason

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<v Speaker 2>we know CDL so well. There's a reason this story

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<v Speaker 2>has captured the interest of the whole nation and international

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<v Speaker 2>press as well. Obviously, it's one of the richest and

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<v Speaker 2>not the richest families in Singapore and everybody loves seeing

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<v Speaker 2>how the 1% lives.

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<v Speaker 2>Um, but also CDL is a household name, literally. Yeah, yeah,

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<v Speaker 2>it is, yeah. It's built some of the biggest properties

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<v Speaker 2>and developments on our island. Many of you are living

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<v Speaker 2>in CDL properties. So on today's edition, we're looking at

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<v Speaker 2>how CDL built up its legacy and its brand.

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<v Speaker 2>And we'll continue to monitor where its pricing um goes

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<v Speaker 2>in the days and weeks ahead, Nicholas Mark is here,

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<v Speaker 2>Chief Research officer at Property Portal mogul.sg. Nicholas, welcome aboard.

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<v Speaker 2>Thank you for having me. Do you think CDL is

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<v Speaker 2>one of the, if not the most prominent developer in Singapore,

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<v Speaker 2>or would it be Far East?

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<v Speaker 2>Well, I think uh for a listed developer, it will

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<v Speaker 2>be city development. Uh, Far East Organization is another very

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<v Speaker 2>big real estate developer in Singapore, but they are not

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<v Speaker 2>listed on the stock exchange. So, um, when we want

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<v Speaker 2>to look at share prices and so on, um,

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<v Speaker 2>It will be city development, Capital land, and others who

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<v Speaker 2>are listed on the SGX. You know, I was looking

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<v Speaker 2>at how many locations they have and how many countries,

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<v Speaker 2>and here's what I found. 163 locations in 29 countries

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<v Speaker 2>and regions. So it's all over the world, Nicholas. It

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<v Speaker 2>is such a big brand.

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<v Speaker 2>Uh, yes, they are. Uh, and of course, they are quite,

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<v Speaker 2>they are very well diversified, uh, for, for a company,

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<v Speaker 2>some develop, there are basically two main methods that developers

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<v Speaker 2>use to generate revenue. First is real estate development, primary

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<v Speaker 2>residential property. You buy land, build.

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<v Speaker 2>And sell. And the second one is to own a

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<v Speaker 2>portfolio of investment properties to rent it out and to

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<v Speaker 2>earn rental income, such as commercial properties, hospitality and such.

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<v Speaker 2>Now city development has a very well diversified portfolio. They

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<v Speaker 2>do both of these main activities as well, and I think,

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<v Speaker 2>of course, um.

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<v Speaker 2>The Ari, which was just launched recently, city development has

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<v Speaker 2>a stake in it, and that often residential development often

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<v Speaker 2>captured the headlines and it's also a good branding exercise

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<v Speaker 2>for the developer as well.

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<v Speaker 2>Let's talk about some of the most prominent developments um

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<v Speaker 2>that we know of. I think they've got a long,

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<v Speaker 2>long 60 year history in Singapore. Let's talk about some

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<v Speaker 2>of the more familiar ones.

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<v Speaker 2>Um, over in the Marina Bay area, the sale, it was,

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<v Speaker 2>it was Singapore's then tallest residence in the early 2000s,

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<v Speaker 2>and if I'm not wrong, in the entire plot that

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<v Speaker 2>was reclaimed, it was like the first building there. When

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<v Speaker 2>it first came out, there was nothing down there. Yes, yes, correct.

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<v Speaker 2>$700 per square foot or something like that.

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<v Speaker 2>And, and, and not only was it, uh, the amazing

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<v Speaker 2>thing is that this piece of land was sold through

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<v Speaker 2>a government land sale program, and it was zoned as

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<v Speaker 2>a white site. Now, typically, a piece of land that's

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<v Speaker 2>so near to the Raffles Place, zoned as as a

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<v Speaker 2>white site, the developer will typically build an office building.

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<v Speaker 2>Perhaps you have some.

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<v Speaker 2>Shops and restaurants on the first few stories, but it

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<v Speaker 2>will predominantly be office building. But because um the development

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<v Speaker 2>plans came about in 2003 when there was the SARS epidemic.

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<v Speaker 2>So we were wondering like, oh, what is city development

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<v Speaker 2>going to do, because the demand for office space wasn't

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<v Speaker 2>really that strong, and it was quite brilliant. The company

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<v Speaker 2>actually

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<v Speaker 2>Develop it into a high rise apartment, 1,111 units in total.

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<v Speaker 2>And so, and this, and when it was launched, it

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<v Speaker 2>was in 2004, pandemic over, the government announced that we're

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<v Speaker 2>going to build two IRs, one of them at Marina Bay,

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<v Speaker 2>and there was a lot of excitement. People want to

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<v Speaker 2>cash in, how do I profit.

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<v Speaker 2>How do I capitalize on this new this new concept

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<v Speaker 2>about an integrated resort? And Tower One of the Sail

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<v Speaker 2>and Marina was launched in September 2004 at just an

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<v Speaker 2>average of $950 per square foot, and people snap it up.

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<v Speaker 2>People snap it up. That's bay facing, you know, because

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<v Speaker 2>it's facing the bay, there's no obstruction, nothing.

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<v Speaker 2>Yes, it was a very new concept, right, uh, to,

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<v Speaker 2>to have uh residential development in the city area. And

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<v Speaker 2>of course, subsequently in 2005, 2006, other developers follow suit, um,

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<v Speaker 2>they redeveloped um.

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<v Speaker 2>Some of their office buildings, old office building at Shenton Way,

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<v Speaker 2>redeveloped it as residential development and they sold as like

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<v Speaker 2>hot cakes because from 2004 to 2008, it was a massive.

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<v Speaker 2>So the sale really paved the way for residential in

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<v Speaker 2>the CBD you would say?

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<v Speaker 2>I, I'll say it's a pioneer of the area. Let's

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<v Speaker 2>talk about some of the other big ones for CDL. Yeah,

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<v Speaker 2>we've got Saint Regis Residences. You've got the equatorial. You've

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<v Speaker 2>got City Towers. You've also got Lot One Shoppers Mall

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<v Speaker 2>in Chua Chu Kang. I remember because it was where

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<v Speaker 2>the hotel was. It was a it was the Hotel Equatorial,

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<v Speaker 2>wasn't it. So to think about it, they started off

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<v Speaker 2>building City Plaza in the area.

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<v Speaker 2>Yeah, Geylang Paya Lebar area and to see how they've come.

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<v Speaker 2>I got one better. Which one? 1985 they built Clementi

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<v Speaker 2>Park Condominium. That's at Sunset Way. This is almost a

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<v Speaker 2>million square feet. It's, it's gigantic, and I think it's

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<v Speaker 2>one of the earliest mass condo town areas. I know

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<v Speaker 2>we didn't prepare you on this one and we didn't

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<v Speaker 2>tell you we're going to mention it, but, but does

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<v Speaker 2>this strike a bell, Clementi Park to you? It's freehold.

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<v Speaker 2>Uh, yes, it does. Now, the, I think you need

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<v Speaker 2>to have the developer need to be very big. You

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<v Speaker 2>need to be trusted by consumers in order to pull

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<v Speaker 2>off something like that to build condos in Singapore? Is

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<v Speaker 2>this potentially one of the first condos in Singapore? I'm

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<v Speaker 2>not sure actually. Um, may not, I'm not sure if

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<v Speaker 2>it is because we already have non-landed properties and I

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<v Speaker 2>think it was only subsequently that the that the government

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<v Speaker 2>start to classify, make a difference between apartments and uh.

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<v Speaker 2>Condominiums where condominiums, you know, the land needs to be

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<v Speaker 2>above 4000 square meters, and you need to have facilities

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<v Speaker 2>and so on. But it could, yes, I think it

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<v Speaker 2>could be one of the much earlier ones. I'm, I'm

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<v Speaker 2>googling it. Apparently the oldest condominium in Singapore is called

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<v Speaker 2>Beverly Mai, was completed in 1974, built at the cost

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<v Speaker 2>of $4 million. It was 28 stories and it was

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<v Speaker 2>at Tomlinson Road. OK.

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<v Speaker 2>I don't know. That is Novena.

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<v Speaker 2>I, I know, I know where it's, uh, near Grange Road. Yeah, yeah. OK, OK. Uh, Nicholas,

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<v Speaker 2>will this recent family drama between father and son in

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<v Speaker 2>the boardroom, do you think it's going to slow down

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<v Speaker 2>any of their current properties being developed?

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<v Speaker 2>Well, I don't think so. That it might have a

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<v Speaker 2>bit of a road bomb, but the, the road was,

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<v Speaker 2>I mean, the vehicle will still go ahead. Um, then

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<v Speaker 2>it's an ongoing saga, but I think the company will

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<v Speaker 2>still continue as a going concern. We will still see

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<v Speaker 2>it being developed. It's just that perhaps

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<v Speaker 2>Um, certain major business decisions, uh, might be delayed, uh,

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<v Speaker 2>but like, for example, land acquisitions, um, but I think

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<v Speaker 2>that eventually this, this, um, issue will have to be,

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<v Speaker 2>this family issue will have to be settled one way

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<v Speaker 2>or another, um, in order for, well, I think for,

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<v Speaker 2>for all the stakeholders um to be able to uh

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<v Speaker 2>carry on.

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<v Speaker 2>It's interesting when, when I was shopping around, I remember I, I,

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<v Speaker 2>I interacted a lot of people who also shopping around

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<v Speaker 2>and they talked about like, oh no, no, if you

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<v Speaker 2>want quality, you buy the CDL one, right? You know,

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<v Speaker 2>there was, there was this brand association, there was also

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<v Speaker 2>this brand association with um green buildings. They have a

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<v Speaker 2>lot of green mark building um categorization as well. Do

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<v Speaker 2>you think the brand name in the shop, in the

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<v Speaker 2>buyer's mind is going to be affected by this?

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<v Speaker 2>I don't think so because I I think it still

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<v Speaker 2>has a lot of city development, the branding still carries

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<v Speaker 2>a lot of goodwill among Singaporeans and um although if

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<v Speaker 2>dirty laundry starts being aired, then it changes everything.

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<v Speaker 2>Uh, no, not really. I don't think so unless it,

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<v Speaker 2>I don't think this will happen, but in the most

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<v Speaker 2>unlikely event, if this were to be eventually led to

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<v Speaker 2>lower quality products being pushed out into the market, then yes,

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<v Speaker 2>it will have a negative impact, but I highly doubt.

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<v Speaker 2>that that will happen. I guess one of the blemishes

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<v Speaker 2>would be when it lost money in the UK and China.

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<v Speaker 2>I think it lost something like $1.9 billion with a,

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<v Speaker 2>with a B, yes. So there must have been quite

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<v Speaker 2>a severe hit for them because this was just as

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<v Speaker 2>COVID hit too.

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<v Speaker 2>Ah yes, I, I, I think that was a big, big, um, bump, uh, big,

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<v Speaker 2>big road bump there and uh it does, it does also, uh,

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<v Speaker 2>it did also create um, yes, Friction the family as

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<v Speaker 2>well as, uh, is also reflected in the decline in

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<v Speaker 2>the share price and marketization. We saw that today. They've

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<v Speaker 2>got some new launches happening.

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<v Speaker 2>Uh, on their website, they've listed, um, Anson Road, Newport Residences,

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<v Speaker 2>which is a mixed-use development and by the way, it's freehold,

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<v Speaker 2>very rare to get a freehold piece right there at

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<v Speaker 2>Anson Road, and one on Zion Road, which is going

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<v Speaker 2>to be an integrated development, and that's a 99 year

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<v Speaker 2>leasehold as well. The new launches, I mean, they've been

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<v Speaker 2>in the works for a long time la. It's, it's

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<v Speaker 2>potentially not going to be affected.

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<v Speaker 2>No, I don't think so, because you see, the development

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<v Speaker 2>plans would already have been finalized. Uh, it's just a

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<v Speaker 2>matter of timing, of course, many things have to come in,

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<v Speaker 2>getting all the government approvals, uh, making sure that you

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<v Speaker 2>have all your marketing efforts, everything lined up in order

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<v Speaker 2>for it. And the other thing is timing. You see,

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<v Speaker 2>some developers will also have to wait, uh, also want

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<v Speaker 2>to time, uh, choose the right.

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<v Speaker 2>timing to launch their properties at a time when they

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<v Speaker 2>believe that they are not in direct competition with another

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<v Speaker 2>project in the same targeting the same market segment or

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<v Speaker 2>in the same neighborhood, and also they are able to

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<v Speaker 2>garner enough marketing agents from the big agencies to push

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<v Speaker 2>out their projects. What is their strength because they got

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<v Speaker 2>a couple of shopping centers.

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<v Speaker 2>Not a lot, not like Far East, which has more

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<v Speaker 2>I guess in the retail segment. I think they're big

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<v Speaker 2>on mixed developments as well. Now, now definitely. I, I

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<v Speaker 2>think previously it was mainly about middle to high-end condominiums.

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<v Speaker 2>Yes, yes. Uh, but they have also in the past, uh,

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<v Speaker 2>developed some mass market condominiums as well. So, so they're

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<v Speaker 2>quite well diversified, so they can do everything from mass market,

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<v Speaker 2>all the way up to high-end developments, and they have

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<v Speaker 2>a wide portfolio of

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<v Speaker 2>Commercial properties from, like, for example, Republic Plaza to hospitality.

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<v Speaker 2>Now some developers do not have hospitality, um, like hotels

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<v Speaker 2>and so on as part of their portfolio they've got

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<v Speaker 2>the Millennium. So which is something we want to talk

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<v Speaker 2>about as well, you know, we've got these different property

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<v Speaker 2>developers in Singapore, Capital Land, Gaoland.

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<v Speaker 2>Land lease, ras property as well. Do you think they'll

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<v Speaker 2>be looking now and saying, oh, this is a good

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<v Speaker 2>time to take advantage and see whether they can maybe

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<v Speaker 2>sort of push city debt aside when it comes to projects?

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<v Speaker 2>I'm not because things are still developing and things are

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<v Speaker 2>changing every day, right? I mean this, this, um, saga

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<v Speaker 2>and so on. I, but I don't think it would

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<v Speaker 2>make city development vulnerable for uh takeover or, or they

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<v Speaker 2>will lose their market share. If anything maybe shifts on

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<v Speaker 2>the board, that's about it.

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<v Speaker 2>Yes, yes, I, I don't, but when it comes to

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<v Speaker 2>property development and and land acquisitions, as long as the

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<v Speaker 2>companies still have the support of the uh of the

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<v Speaker 2>bankers and also of the other stakeholders, I think they can,

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<v Speaker 2>you will be.

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<v Speaker 2>Business as usual in the short term, in the near future.

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<v Speaker 2>The Kwek family, pretty much Singapore's richest family and CDR

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<v Speaker 2>has become Singapore's largest listed property developer back in the

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<v Speaker 2>late 80s with the market value crossing $2 billion. Then,

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<v Speaker 2>thank you to Nicholas Mark for joining us. He's chief

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<v Speaker 2>research officer of PropertyPortalmogul.sg.