IRWELL HILL DEVELOPER
City Development Limited
Irwell Hill Developer, City Development Limited (CDL), is a leading property developer in Singapore that grew from humble beginnings in a rented setup with 8 employees. One of the first major milestones for the company was the completion of its first residential project named ‘Fresh Breezes’ in Johor Bahru Malaysia in 1965. It is also at this time the company introduced the concept of using a showflat to market its properties.
Another major milestone in the same year for CDL was the completion of its first high-rise residential development City Towers in Singapore which was followed by the development of its first full condominium, Clementi Park in 1966. To date, City Towers which is located in the prime district of Bukit Timah was sold above its reserve price through a collective sale in 2019 for $401.9 million.
Through the decades, Irwell Hill Developer underwent a huge transformation in terms of its organization and business. One of the significant moments for the company is in 1972 when Hong Leong Group acquired controlling interests in CDL and the company started to move into investment property as part of their core business. In addition, under the leadership of late Mr. Kwek Hong Png, the company solidified its position as a leading property developer in Singapore. By the 1980s, the company has succeeded in launching 21 residential developments and City House which was its headquarters at 36 Robinson Road.
As of 31 December 2020, Irwell Hill Developer CDL has total assets worth $23.7 billion, of which $9.4 billion is in property development, $6.8 billion in investment property, and $5.8 billion in hotel operations. This also translates to ownership of 24 million square feet of gross floor area in residential, commercial, and hospitality properties worldwide. Furthermore, CDL also owns a global land bank with an estimated 3.4 million square feet of land area. For the fiscal year 2020, CDL sold 1,318 residential units in Singapore with a sales value worth an estimated $1.8 billion dollars.
With a solid track record of 50 years in property development, Irwell Hill Developer CDL has developed over 46,000 homes to date. And through the years, it has distinguished itself from the rest by actively pursuing sustainability as a key business strategy.
In 2020, World Finance, a reputable magazine conferred their Sustainability Award 2020 to CDL for being the Most Sustainable Company in Real Estate Industry. This prestigious award recognizes the organization’s commitment to strategic Environmental, Social, and Governance (ESG) integration for more than 25 years.
With CDL’s integrated approach towards sustainability, it allows the company to monetize its commitment to sustainability by creating value not only for the environment and community but also for the business and stakeholders of the firm. The award also recognizes CDL as the pioneer real estate company in Singapore to set carbon emissions intensity reduction goals and the first local company to issue a green bond.
Bearing the motto of ‘conserve as we construct’, Irwell Hill Developer CDL seeks continuous advancement to establish new standards for sustainable developments. Their relentless pursuit has earned them many awards such as BCA’s Green Mark Platinum Award 2020 and Award for Leadership in Sustainable Design and Performance in the Residential category (2019) conferred by the Singapore Green Building Council and the Building Construction Authority.
To date, CDL has received 110 BCA Green Mark accreditation on their developments and office interiors, which is the highest achievement amongst developers in Singapore. In addition, CDL’s successful adoption and implementation of ESG integration over 2 decades have been recognized by 12 leading global sustainability benchmarks. Furthermore, it has also been ranked top amongst listed real estate firms in the 2021 Global 100 Most Sustainable Corporations in the World.
With such an impressive track record in sustainable development, residents can look forward to more breakthrough environmentally focused designs by Irwell Hill Developer in this new development. With careful consideration for both people and the environment, CDL has adopted certified environmentally friendly products for Irwell Hill Residences such as the use of low Volatile Organic Compounds (VOC) paints for walls inside the residence to reduce indoor air pollution, the deployment of siphonic rainwater discharge system at the roof and the implementation of double refuse chutes for recyclable and non-recyclable waste.
Irwell Hill Developer CDL has demonstrated strong performance in the past few years. 2019 was a record year for CDL with the launch of 6 new developments which offered a total of 2,434 new homes ranging from executive condominiums to luxury residences. As of February 2020, 1554 units which make up 43% of the total units were sold with a total sales value of $3.3 billion. The 6 developments include ultra-luxury residences such as Boulevard 88 and Nouvel 18, Amber Park in District 15, Haus on Handy in District 9, Piermont Grand Executive Condominium at Sumang Walk, and Sengkang Grand Residences which is an integrated development above Buangkok MRT station.
Despite the Covid-19 pandemic, Irwell Hill Developer CDL launched Penrose, a development at Sims Drive in September 2020, and 60.3% of the units were taken up over the launch weekend. This translated to 341 units out of the 566 in the new development. Prices transacted started from $788,000 for 1-bedroom units, $943,000 for 2-bedroom units, $1.33 million for the 3-bedroom units, and $2.11 million for the 4-bedroom units.
Most of the 1-bedroom units flew off the shelves immediately with the 2-bedder in tow. The average transacted prices ranged from $1,500 to $1,700 per square foot, achieving the targets set by the developer. Market analysts concluded that Singaporeans still favored real estate as a safe-haven asset in times of economic uncertainty.
2021 is set to be another good year for Irwell Hill Developer CDL. This new development has seen strong take-up with many of its total units snapped up during the launch weekend in April. It is encouraging to witness that despite the pandemic, Singaporeans and foreign buyers still put their trusts firmly on Singapore property as a safe haven for their resources.