He has been on an overseas expansion drive, acquiring assets in the UK, China and Australia. His cousin, Quek Leng Chan, runs the Hong Leong Group’s Malaysian operations. Kwek’s son, Sherman, is the group CEO of City Developments.
Realty Leader in Singapore
City Developments Limited is one of the largest companies by market capitalization and is listed on the Singapore Exchange. Its geographically diverse portfolio comprises residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments. With a proven track record of over 60 years in real estate development, investment and management, the Group has developed over 53,000 homes and owns around 23 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally.
International Hotel Chain
Along with its wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited (M&C), the Group has over 160 hotels across more than 80 locations worldwide, many in key gateway cities. M&C is a global hospitality management and real estate group. Founded in 1989, M&C is headquartered in London and Singapore. M&C operates various hotel brands, including Grand Millennium, Millennium, M Social, Studio M, Copthorne, and Kingsgate.
Sustainability in asset base
The Group is focused on enhancing the performance of its portfolio and strengthening its recurring income streams to deliver long-term sustainable value to shareholders by leveraging its deep expertise in developing and managing a diversified asset base. The Group is actively pursuing its fund management growth strategy to further leverage on its strengths.
The Founding of CDL
On 7 September 1963, CDL began in a small, rented office in Amber Mansions staffed by only eight employees, to acquire, develop and sell property. The Company went public in November 1963 and its shares were listed on what was known then as the Malayan Stock Exchange.
The Early Years
In 1965, CDL completed its first housing project, Fresh Breezes in Johor Bahru, and pioneered the “show flat” concept. This was followed by the launch of its first high-rise residential development in Singapore, City Towers, as well as the completion of Phase One of Clementi Park, CDL’s first full condominium concept project, in 1966.
A New Beginning
In 1972, the Hong Leong Group, under the guidance and leadership of Founder, the late Mr. Kwek Hong Png, acquired a controlling interest in CDL and embarked on a strategic diversification into investment properties. CDL placed its diversification strategy into effect with the acquisition of Guan Realty (Private) Limited in 1972. This newly acquired subsidiary subsequently developed City Plaza, CDL’s first mixed use development which was completed in 1980.
Singapore Property Expert
With the late Mr. Kwek’s aspiration and strong business acumen, CDL emerged as a major property developer in Singapore. In the 1980s, CDL launched 21 residential properties and completed 12 investment properties including City House in the heart of the Central Business District, which became CDL’s headquarters until 2018.
Furthering Hotel Acquisitions
CDL made its maiden foray into the hospitality industry with the acquisition of King’s Hotel (now Copthorne King’s Hotel Singapore). Orchid Inn (now redeveloped into a residential project – The Glyndebourne) was also bought about this time. This was followed by rapid expansion and regionalisation. Today, CDL’s hospitality arm, Millennium & Copthorne Hotels Limited (M&C) has emerged as Singapore’s largest international hotel group and one of the largest hotel owners and operators in the world.
Decades of Excellence
With six decades of excellent track record, CDL has built a distinctive legacy of industry leadership and championing green buildings, fueled by the vision to conserve as they construct. As they are achieving new milestones, they are transforming the eco-landscape as well as setting benchmarks in innovation and sustainable developments. They are working dedicatedly on their mission of providing a better home for everyone to live in.
