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CDL Hospitality Trusts’ Q3 Net Income Rises 54.5% on Singapore, Australia Properties

CDL Hospitality Trusts’ Q3 Net Income Rises 54.5% on Singapore, Australia Properties

Oct 27, 2022 – CDLHT’s gross revenue increased by 46.4% yoy to S$58.5 million for Q3 2022, out of which S$31.8 million was contributed by its Singapore Hotels. In tandem with the improved revenue, net property income (NPI) increased by 54.4% or S$11.1 million year-on-year to S$31.6 million for Q3 2022.

The overall improvement in CDLHT’s 3Q 2022 year-on-year (yoy) performance reflects the robust growth in global travel following the easing of pandemic-related travel restrictions and restoration of public confidence. Importantly, most countries are now treating the disease as endemic and are learning to live with it, embracing the risk associated with travel. The pace of recovery varies but remains bolstered strongly by leisure demand, the return of citywide events and corporate group travel.

The increased NPI contribution arose mainly from the Singapore and Australia properties, which increased collectively by S$15.4 million yoy for Q3 2022. This was however offset by lower NPI from the New Zealand Hotel, which declined by S$4.7 million yoy for Q3 2022 following its exit from the government isolation programme.

With all border restrictions eased for vaccinated travellers from 26 April 20223, Singapore’s visitor arrivals continued to rebound, with 2.2 million visitors arrivals recorded, representing a 77.6% increase from Q2 2022. However, this constituted only 44.6% of the Q3 2019 arrivals (pre-COVID-19 levels) largely due to the absence of international travellers from China, but was in part mitigated by the longer average length of stay of 4.8 days in Q3 2022 as compared to 3.4 days in Q3 2019. Read more here.