CDL Hospitality Trusts posts 7.1% rise in third-quarter net property income

CDL Hospitality Trusts (CDLHT) said on Oct 29 that net property income reached S$36.7 million in the quarter ended Sep 30, up 7.1 per cent from S$34.3 million a year earlier. Revenue increased 4.1 per cent to S$72 million from S$69.2 million.

The group attributed the improvement to its properties in the UK, New Zealand, Australia and Europe. Its UK portfolio contributed the biggest increase in net property income, adding S$1.2 million year on year. Grand Millennium Auckland generated S$1.3 million, more than three times the previous level, as trading strengthened after refurbishment.

Singapore net property income declined 1.6 per cent to S$21.5 million. CDLHT partly attributed this to renovations at M Hotel and the absence of food and beverage revenue linked to the previous year’s World Aquatics Championships. Revenue per available room nevertheless gained 2.3 per cent to S$206, with occupancy at 88.6 per cent and average room rates higher.

Japan hotel net property income dropped 18.5 per cent to S$708,000 as room rates weakened and the yen depreciated. Revenue per available room in the Maldives fell 16.2 per cent, affected by air connectivity disruptions and greater competition.

For the first nine months of 2026, revenue grew 2.4 per cent to S$198.9 million and net property income increased 3.8 per cent to S$96.4 million. At end-September, gearing was 35.6 per cent and the weighted average debt cost was 2.8 per cent.