Almost every Singaporean would have heard of City Developments Limited (CDL). CDL is one of Singapore’s top property developers and is a leading global real estate operating company with a network spanning 29 countries and regions. The Company not only does real estate development, they own multiple top grade office buildings as seen by the Grade-A office buildings in CBD, Singapore and has a hotel business segment branded as Millennium & Copthorne Hotels (M&C).

The Capital Cycle

CDL being a property developer would be subjected to the ups and downs in business cycles otherwise known as market cycles. I have touched on this topic in one of my previous articles titled Brief Introduction to Capital Cycles if you are interested to understand more about this. However, the key question is how do we link CDL’s valuations to the market cycles?

Furthermore, with the recent share price recovery of CDL from S$7.86 to