CDL, UOL H1 Profits Rise; Singapore Property Agencies PropNex, Apac Realty Profits Fall
Singaporean developers City Developments Ltd (CDL) and UOL Group posted strong first-half earnings for 2026. Conversely, property agencies PropNex and Apac Realty recorded profit declines. Analysts maintain positive outlooks for the developers, while agency incomes face pressure from fewer new project launches.
Developers Show Strong H1 Performance
Singapore's major listed developers, City Developments Ltd (CDL) and UOL Group, reported robust first-half 2026 financial results. CDL's net profit surged 230.7 per cent to S$301.6 million for the six months ending June 30. Its revenue also increased 61.1 per cent to S$2.72 billion, largely from the fully sold Lumina Grand executive condominium.
UOL Group recorded a 23 per cent net profit rise to S$252.2 million over the same period. Analysts remain optimistic about both firms, citing strong home sales and future project catalysts.
CDL Strategic Review, UOL Pipeline Drive Outlook
CDL's strong performance follows its completed strategic review, with outcomes due in late September. OCBC upgraded CDL's stock to “buy” on August 21, citing recent share price value. Phillip Securities Research, CGS International, DBS, and RHB Singapore also maintained “buy” ratings.
CDL's hotel business returned a S$42 million pre-tax profit, reversing a prior year's S$84.4 million loss. UOL retains analyst support, with its residential pipeline a key earnings driver. This includes the Marina Square redevelopment, adding 702 units, and the 1,268-unit Thomson Reserve project launching in the fourth quarter.
Agencies Face Profit Declines
In contrast, Singaporean property agencies PropNex and Apac Realty saw their profits decline in the first half of 2026. PropNex's net profit fell 3.1 per cent year-on-year to S$40.9 million, despite a slight revenue increase. Apac Realty's net profit dropped 16.8 per cent to S$9.4 million over the same period. Analysts show less confidence in the agencies.
A smaller pipeline of new project launches directly impacted their project marketing incomes. This reflects a slight tapering of new home sales from 2025's four-year high.
This divergence highlights differing market dynamics for developers and agencies in Singapore. Developers like CDL and UOL benefit from existing successful projects and extensive future pipelines, which analysts track closely. Investors will monitor CDL's strategic review for potential asset recycling and fund management expansion.
Agencies, however, face immediate pressure from fewer new launches. This suggests a more competitive environment for agency commissions, even as overall residential transaction volumes continue at a high level relative to historical averages, albeit below the recent 2025 peak.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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