CDL’s head honchos take pay cuts as profits slide

City Developments (CDL) supremo Kwek Leng Beng earned $1.23 million less last year than in 2015, according to the company’s annual report, which was out yesterday.

Mr Kwek, 76, took home $8.43 million for the 12 months to Dec 31, down from $9.66 million for the year earlier.

His chairman’s statement in the annual report also revealed that the group might start marketing the 190-unit South Beach Residences in the second half of this year, subject to market conditions.

South Beach, a mixed-use development in Beach Road, is a joint venture between CDL and Malaysia’s IOI Group.Encouraging sales from a limited release at its Gramercy Park condominium are also prompting CDL to consider launching its New Futura freehold project in Leonie Hill Road, in District 9, in the second half of the year.

It comprises 124 units across two 36-storey towers and is a five- minute walk to Orchard Road.

Mr Kwek also said that CDL will continue to build on its international presence – for instance, even as property measures continue to exert pressure in top-tier Chinese cities, “the group holds a positive long-term view of the property market and growth opportunities in Shanghai, Suzhou and Chongqing”.

CDL garnered a record full-year revenue of $3.91 billion for the 12 months ended Dec 31, up by 18.2 per cent from a year earlier. But full- year net profit slid by 15.5 per cent year-on-year to $653.2 million.

The annual report also showed that group chief executive Grant Kelley’s annual remuneration fell. He made $2.605 million last year, compared with $3.099 million in 2015.

Credit: Straits Times