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Latest Forum Topics / CDL HTrust    Last:0.775    +0.005  Post Reply
CDL HTrust - Nice breakout

Alignment
Elite
11-Apr-2024 09:37     
 
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Saying that higher yields indicates higher risk is level 1 thinking. It is true in aggregate, but not necessarily true at the individual stock level especially for a market like Singapore with less sophisticated investors and less liquidity. The challenge for investors is to determine which shares are mispriced relative to the risks. I have already stated in my previous posts what I think the risks are and why I think they are not as concerning as the market is pricing in. 

In fact l was buying in at around E1.16 about 6 months ago when the implied yield was 13.5% so I am already up 35% (including the recent dividend) in the last 6 months. The market recognised during that time that this was not a 13.5% DPU yield risk, so the share price has moved up to now make it a 10.5% DPU yield. The question now is whether it is a 10.5% DPU risk, or less.

Meanwhile bringing it back to CDLHT, is CDLHT' s risk appropriately priced at 5.7% DPU? And is CDLHT at 5.7% a better investment than Cromwell at 10.5% given their respective risks? These are the questions one should be asking oneself, rather than simply saying higher yield = higher risk.
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luckyguy3
Master
10-Apr-2024 23:30     
 
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 Alert Admin 		There is a reason why Cromwell reit yield so high > 10%. It means Investors only willing to invest in Cromwell if the yield is > 10% means they must have seen some risks, that why they demand > 10% yield. 
If a reit offers > 10%, it means high risk high gain... Safer reits offer lower yield aka low risk lower gain.
 

Alignment      ( Date: 10-Apr-2024 14:16) Posted:

I was responding to a question from MrBear12, who like myself knows the two REITs are in different property subsectors. In fact, as long as one knows what one is talking about, it does not seem to me invalid to compare any two investments however different they are. If for some reason you are restricting yourself to only looking at say HREITs then of course in that context you would not talk about Cromwell REIT. But ultimately, speaking for myself I have a pool of money and I can do anything I want with it, including (for instance) choosing to invest some in either CDLHT and/or Cromwell REIT &ndash to me they are direct alternatives for every $ of my money, so a comparative analysis can be appropriate.  
 
As to the comparison itself, I agree with your points on CDLHT in an absolute sense, and for reasons including those you mentioned I am invested. But if you ask me where would I put my marginal $ at current prices (which was MrBear12&rsquo s question) then I would say Cromwell REIT. 
  1. CDLHT&rsquo s LTM DPU yield is 5.7% (0.057/1) whereas Cromwell REIT&rsquo s LTM DPU yield is 10.5% (0.15693/1.49). If I assume Cromwell REIT&rsquo s DPU will be flat for the foreseeable future (which I think is conservative), CDLHT&rsquo s DPU would need to almost double to get to the same DPU yield at current prices. And with all due respect to the powers of Taylor Swift that is not going to happen
  2. Total return is the sum of DPU return and the share price movement. Share price movement is harder to predict than DPU movement, but my belief is that one way or another the DPU yield gap between CDLHT and Cromwell REIT is going to close over time because I think Cromwell REIT&rsquo s depressed price is due to concerns about the refi risk for its 2025 bond, concerns which I think are unwarranted. So if and when these concerns dissipate, I think Cromwell REIT&rsquo s share price will outperform CDLHT&rsquo s, irrespective again on any news about the Singaporean hotel market because CDLHT&rsquo s share price just is not depressed to the same degree
Where could I be wrong? Two risks I can think of is if Russia invades Poland, or if Cromwell REIT cannot refi the 2025 bond. But personally I would be happy to take these risks. Again, not investment advice etc etc.
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Alignment
Elite
10-Apr-2024 14:16     
 
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 Alert Admin 		I was responding to a question from MrBear12, who like myself knows the two REITs are in different property subsectors. In fact, as long as one knows what one is talking about, it does not seem to me invalid to compare any two investments however different they are. If for some reason you are restricting yourself to only looking at say HREITs then of course in that context you would not talk about Cromwell REIT. But ultimately, speaking for myself I have a pool of money and I can do anything I want with it, including (for instance) choosing to invest some in either CDLHT and/or Cromwell REIT &ndash to me they are direct alternatives for every $ of my money, so a comparative analysis can be appropriate.  
 
As to the comparison itself, I agree with your points on CDLHT in an absolute sense, and for reasons including those you mentioned I am invested. But if you ask me where would I put my marginal $ at current prices (which was MrBear12&rsquo s question) then I would say Cromwell REIT. 
  1. CDLHT&rsquo s LTM DPU yield is 5.7% (0.057/1) whereas Cromwell REIT&rsquo s LTM DPU yield is 10.5% (0.15693/1.49). If I assume Cromwell REIT&rsquo s DPU will be flat for the foreseeable future (which I think is conservative), CDLHT&rsquo s DPU would need to almost double to get to the same DPU yield at current prices. And with all due respect to the powers of Taylor Swift that is not going to happen
  2. Total return is the sum of DPU return and the share price movement. Share price movement is harder to predict than DPU movement, but my belief is that one way or another the DPU yield gap between CDLHT and Cromwell REIT is going to close over time because I think Cromwell REIT&rsquo s depressed price is due to concerns about the refi risk for its 2025 bond, concerns which I think are unwarranted. So if and when these concerns dissipate, I think Cromwell REIT&rsquo s share price will outperform CDLHT&rsquo s, irrespective again on any news about the Singaporean hotel market because CDLHT&rsquo s share price just is not depressed to the same degree
Where could I be wrong? Two risks I can think of is if Russia invades Poland, or if Cromwell REIT cannot refi the 2025 bond. But personally I would be happy to take these risks. Again, not investment advice etc etc.
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MrBear12
Supreme
10-Apr-2024 08:09     
 
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 Alert Admin 		Luckyguy,

These were just relative price considerations that had nothing to do with industry or asset classes.
Just a little thought experiment which Alignment caught on.

Invest in the REIT you fancy will do the best.

luckyguy3      ( Date: 10-Apr-2024 08:03) Posted:

Dun understand why compare cromwell to CDLHT? one is in commercial real estate, the other one is in hospitality aka hotel and accomodation. 2 totally different reits..

U invest in cromwell if u dun real estate in europe is going to recover or u invest in CDLHT if u think tourism going to recover to pre-covid level. For me, there is plenty of room for tourism to recover so my bet is on CDLHT and based on NTA, CDLHT currently has price/NTA ratio of only $1/$1.50 = 0.66 and 60+% of revenue from singapore while cromwell is solely europe based on price/NTA of 0.7+

So more room for CDLHT share price to catch up with NTA + Jan-March 2024 is looking pretty good for hotels in singapore

Alignment      ( Date: 09-Apr-2024 22:55) Posted:

Your 1.49 CHLH vs 1 CREIT comparison - I understand the question you are trying to set up but you got the figures wrong because the 1.49 price for CREIT is in EUR. The SGD price is S$2.2 so it should be 2.2 CDLH vs 1 CREIT...

Anyway, I get your effective question - would I rather be in CDLH or Cromwell REIT at today' s prices. I happen to be invested in both at present and like both, but if I had to pick one I would for sure pick Cromwell REIT. Why? Partly because Cromwell REIT is far cheaper from a DPU yield standpoint, and in a way that far more than compensates you for any incremental risk you are taking (if any). Partly because of management - I am not saying CDLH has bad management, but I think Cromwell REIT' s management is very good indeed both as a property manager but also as a manager of capital which I think is unfortunately very rare in the SREIT space. I believe this will eventually be strongly reflected in the share price once they refinance their outstanding bond, the uncertainty around which I think is the cause of the discrepancy between NAV and their share price. 

Jut my own opinion, not investment advice, do your own research, all the usual disclaimers etc   


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luckyguy3
Master
10-Apr-2024 08:03     
 
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 Alert Admin 		Dun understand why compare cromwell to CDLHT? one is in commercial real estate, the other one is in hospitality aka hotel and accomodation. 2 totally different reits..

U invest in cromwell if u dun real estate in europe is going to recover or u invest in CDLHT if u think tourism going to recover to pre-covid level. For me, there is plenty of room for tourism to recover so my bet is on CDLHT and based on NTA, CDLHT currently has price/NTA ratio of only $1/$1.50 = 0.66 and 60+% of revenue from singapore while cromwell is solely europe based on price/NTA of 0.7+

So more room for CDLHT share price to catch up with NTA + Jan-March 2024 is looking pretty good for hotels in singapore

Alignment      ( Date: 09-Apr-2024 22:55) Posted:

Your 1.49 CHLH vs 1 CREIT comparison - I understand the question you are trying to set up but you got the figures wrong because the 1.49 price for CREIT is in EUR. The SGD price is S$2.2 so it should be 2.2 CDLH vs 1 CREIT...

Anyway, I get your effective question - would I rather be in CDLH or Cromwell REIT at today' s prices. I happen to be invested in both at present and like both, but if I had to pick one I would for sure pick Cromwell REIT. Why? Partly because Cromwell REIT is far cheaper from a DPU yield standpoint, and in a way that far more than compensates you for any incremental risk you are taking (if any). Partly because of management - I am not saying CDLH has bad management, but I think Cromwell REIT' s management is very good indeed both as a property manager but also as a manager of capital which I think is unfortunately very rare in the SREIT space. I believe this will eventually be strongly reflected in the share price once they refinance their outstanding bond, the uncertainty around which I think is the cause of the discrepancy between NAV and their share price. 

Jut my own opinion, not investment advice, do your own research, all the usual disclaimers etc   

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MrBear12
Supreme
09-Apr-2024 23:03     
 
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 Alert Admin 		Thanks Alignment,
Yes, I made a mistake, it is 1.49 Euros = 2.2 SGD.
Sorry, guys.
I will take a closer look at this REIT for consideration.
Thanks for your opinion, none of us are investment advisors, just opinions shared, so the usual disclaimers.

Happy Hari Raya Puasa

Alignment      ( Date: 09-Apr-2024 22:55) Posted:

Your 1.49 CHLH vs 1 CREIT comparison - I understand the question you are trying to set up but you got the figures wrong because the 1.49 price for CREIT is in EUR. The SGD price is S$2.2 so it should be 2.2 CDLH vs 1 CREIT...

Anyway, I get your effective question - would I rather be in CDLH or Cromwell REIT at today' s prices. I happen to be invested in both at present and like both, but if I had to pick one I would for sure pick Cromwell REIT. Why? Partly because Cromwell REIT is far cheaper from a DPU yield standpoint, and in a way that far more than compensates you for any incremental risk you are taking (if any). Partly because of management - I am not saying CDLH has bad management, but I think Cromwell REIT' s management is very good indeed both as a property manager but also as a manager of capital which I think is unfortunately very rare in the SREIT space. I believe this will eventually be strongly reflected in the share price once they refinance their outstanding bond, the uncertainty around which I think is the cause of the discrepancy between NAV and their share price. 

Jut my own opinion, not investment advice, do your own research, all the usual disclaimers etc   

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Alignment
Elite
09-Apr-2024 22:55     
 
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 Alert Admin 		Your 1.49 CHLH vs 1 CREIT comparison - I understand the question you are trying to set up but you got the figures wrong because the 1.49 price for CREIT is in EUR. The SGD price is S$2.2 so it should be 2.2 CDLH vs 1 CREIT...

Anyway, I get your effective question - would I rather be in CDLH or Cromwell REIT at today' s prices. I happen to be invested in both at present and like both, but if I had to pick one I would for sure pick Cromwell REIT. Why? Partly because Cromwell REIT is far cheaper from a DPU yield standpoint, and in a way that far more than compensates you for any incremental risk you are taking (if any). Partly because of management - I am not saying CDLH has bad management, but I think Cromwell REIT' s management is very good indeed both as a property manager but also as a manager of capital which I think is unfortunately very rare in the SREIT space. I believe this will eventually be strongly reflected in the share price once they refinance their outstanding bond, the uncertainty around which I think is the cause of the discrepancy between NAV and their share price. 

Jut my own opinion, not investment advice, do your own research, all the usual disclaimers etc   
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MrBear12
Supreme
09-Apr-2024 21:15     
 
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 Alert Admin 		Never mind the woman.
The golden dollar is always the gold standard.
This stock has hit the standard.
It can be used as a measure of other REITS

Would you trade 1.49 CDL Hospitality units for 1 unit of Cromwell EUR Reit?

Perhaps that is how we value relatively, REITS

Trade with relative value
 
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Alignment
Elite
09-Apr-2024 15:07     
 
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 Alert Admin 		Who is this woman?
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luckyguy3
Master
03-Apr-2024 09:31     
 
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 Alert Admin 		March will be even better with the Taylor Shift effect... Q1/24 will be very good for hospitality related reits.

luckyguy3      ( Date: 03-Apr-2024 09:30) Posted:

http://www.businesstimes.com.sg/singapore/spotlight-1singapore-hotels-average-room-rate-rises-february-tourist-arrivals-inch-higher
 

Singapore hotels&rsquo average room rate rises in February as tourist arrivals inch higher

Elysia Tan
Published  Tue, Apr 2, 2024 · 01:40 PMUpdated  Wed, Apr 3, 2024 · 09:25 AM
 

SINGAPORE hotels&rsquo average room rate (ARR) gained month on month in February, amid an increase in international visitor arrivals,  Singapore Tourism Board (STB) data showed on Tuesday (Apr 2).

ARR in February climbed to S$298.47, up 6.7 per cent from the preceding month&rsquo s S$279.78. On the year, it was up 9 per cent. Other indicators &ndash overall hotel room revenue, revenue per available room (RevPAR) and average occupancy rate &ndash also registered increases in the second month of 2024.

These came as tourist arrivals edged up to 1,436,571, from January&rsquo s 1,436,411. China overtook Indonesia to become the top source of visitors in February, while India dropped out of the top five.

&ldquo The improvements in tourist arrivals and hotel performance were reflective of seasonal effects due to the Chinese New Year, and also the implementation of the Singapore-China mutual 30-day visa-free scheme,&rdquo said Wong Xian Yang, head of research for Singapore and South-east Asia at Cushman & Wakefield.

Singapore hotels&rsquo overall room revenue in February grew to S$453.8 million, up 7.3 per cent from January&rsquo s S$423.1 million and up 29.8 per cent from the year-ago period. Also higher than the previous month was RevPAR, rising 14.2 per cent to S$247.70 from S$216.98. Year on year, RevPAR was up 7.9 per cent.

At 83 per cent, February&rsquo s average occupancy rate grew from January&rsquo s 77.6 per cent. This was marginally lower than the year-ago occupancy rate, though it matches the pre-pandemic rate of 83 per cent  in January 2020.
 

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luckyguy3
Master
03-Apr-2024 09:30     
 
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 Alert Admin 		http://www.businesstimes.com.sg/singapore/spotlight-1singapore-hotels-average-room-rate-rises-february-tourist-arrivals-inch-higher
 

Singapore hotels&rsquo average room rate rises in February as tourist arrivals inch higher

Elysia Tan
Published  Tue, Apr 2, 2024 · 01:40 PMUpdated  Wed, Apr 3, 2024 · 09:25 AM
 

SINGAPORE hotels&rsquo average room rate (ARR) gained month on month in February, amid an increase in international visitor arrivals,  Singapore Tourism Board (STB) data showed on Tuesday (Apr 2).

ARR in February climbed to S$298.47, up 6.7 per cent from the preceding month&rsquo s S$279.78. On the year, it was up 9 per cent. Other indicators &ndash overall hotel room revenue, revenue per available room (RevPAR) and average occupancy rate &ndash also registered increases in the second month of 2024.

These came as tourist arrivals edged up to 1,436,571, from January&rsquo s 1,436,411. China overtook Indonesia to become the top source of visitors in February, while India dropped out of the top five.

&ldquo The improvements in tourist arrivals and hotel performance were reflective of seasonal effects due to the Chinese New Year, and also the implementation of the Singapore-China mutual 30-day visa-free scheme,&rdquo said Wong Xian Yang, head of research for Singapore and South-east Asia at Cushman & Wakefield.

Singapore hotels&rsquo overall room revenue in February grew to S$453.8 million, up 7.3 per cent from January&rsquo s S$423.1 million and up 29.8 per cent from the year-ago period. Also higher than the previous month was RevPAR, rising 14.2 per cent to S$247.70 from S$216.98. Year on year, RevPAR was up 7.9 per cent.

At 83 per cent, February&rsquo s average occupancy rate grew from January&rsquo s 77.6 per cent. This was marginally lower than the year-ago occupancy rate, though it matches the pre-pandemic rate of 83 per cent  in January 2020.
 
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luckyguy3
Master
27-Mar-2024 23:35     
 
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 Alert Admin 		NTA is $1.50. Share price $1. Super undervalued.
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Alignment
Elite
17-Mar-2024 21:26     
 
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 Alert Admin 		Quite a nice part of town. Should let out well at a good rate.
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luckyguy3
Master
15-Mar-2024 15:43     
 
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 Alert Admin 		http://btrnews.co.uk/cdl-hospitality-trusts-launch-the-castings-btr-in-manchester/
 

CDL Hospitality Trusts launch The Castings BTR in Manchester



Opening its doors to residents this Summer, The Castings will provide highly sought-after Build to Rent homes in a desirable Manchester area.
By    Bea Patel  -  March 14, 2024
 

One of Asia&rsquo s leading hospitality trusts &ndash CDL Hospitality Trust (CDLHT) &ndash announces the launch of The Castings Build to Rent development in Manchester&rsquo s Piccadilly East.

The new lifestyle-led development includes 352 studios, one-, two- and three-bedroom Build to Rent apartments.  Amenities include a new yoga room and gym, a games room, private dining spaces, a work hub, co-working space and a rooftop terrace.

At ground floor level there are three retail and F& B units ranging from 400 sq ft to 3,000 sq ft, which will soon further provide amenities for residents and those in the surrounding area.

Viewings of the show apartments will be ready to book soon, with the first residents viewing the apartments from this month. The scheme will open its doors to residents in May 2024, with move-in dates from June 2024.


&ldquo In just a couple of months, we&rsquo ll be welcoming residents into our new community. The focus for The Castings has been to create much more than just apartments it&rsquo s a whole new lifestyle, with the best service and living experience that Manchester has to offer. Piccadilly East is an exciting area to be part of which already contains some of the most exciting venues within the city, it&rsquo s the next generation of Manchester, and following on from the footsteps of Ancoats we hope to continue to create the next bustling creative hub in the city.&rdquo   Dave Evans, Community Manager, The Castings
 
1  of 6
 
 
Studio apartment - The Castings | CDL Hospitality Trusts | BTR News
Studio apartment.
One-bed apartment - The Castings | CDL Hospitality Trusts | BTR News
One-bed apartment.
Bathroom at a one-bed apartment - The Castings | CDL Hospitality Trusts | BTR News
Bathroom at a one-bed apartment.
One-bed apartment - The Castings | CDL Hospitality Trusts | BTR News
One-bed apartment.
Two-bed apartment - The Castings | CDL Hospitality Trusts | BTR News
Two-bed apartment.
Two-bed apartment - The Castings | CDL Hospitality Trusts | BTR News
Two-bed apartment.
 
 
 
 
 
 
 
 
 
 
 


Located just behind Manchester Piccadilly train station, The Castings is anchored within the city&rsquo s most exciting new neighbourhood, Piccadilly East, which was named in the Sunday Times coveted lists of best places to live and sits conveniently adjacent to Ancoats, New Islington and the Northern Quarter.

Piccadilly East is already home to some of Manchester&rsquo s most sought-after venues including the highly anticipated Co-Op Live, the Diecast food, drink and live entertainment venue, Ducie Street Warehouse & Blok gym, alongside a host of Manchester-based breweries including Cloudwater, Track and Manchester Union.   

The site sits within an area of rich industrial history and pays homage to its past with &lsquo The Castings&rsquo name, which derives from pouring molten metals and other materials into moulds. The apartments are inspired by these industrial shapes, flowing forms and molten textures.   

Monthly rental prices for the scheme start from £ 1,150 for a studio, £ 1,250 for a one-bedroom, £ 1,525 for a two-bedroom and £ 2,175 for a three-bedroom apartment.

CDLHT comprises CDL Hospitality Real Estate Investment Trust &ndash a real estate investment trust, and CDL Hospitality Business Trust &ndash a business trust. As at 31 December 2023, CDLHT had assets under management of about S$3.3bn. The Trust also owns The Lowry, Manchester&rsquo s 5* hotel.
 
 
 
 
 
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luckyguy3
Master
15-Mar-2024 11:07     
 
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luckyguy3      ( Date: 15-Mar-2024 11:05) Posted:


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luckyguy3
Master
15-Mar-2024 11:05     
 
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 Alert Admin 		http://www.msn.com/en-sg/lifestyle/travel/singapore-s-changi-airport-passenger-traffic-hit-pre-covid-levels-for-the-first-time-one-of-the-first-in-asia/ar-BB1jUngN?ocid=msedgntp& pc=U531& cvid=4d1d9cfefb934f29a19a2533af653786& ei=500
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luckyguy3
Master
15-Mar-2024 05:23     
 
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 Alert Admin 		http://sg.news.yahoo.com/singapore-changi-airport-passenger-numbers-surpassed-pre-covid-levels-103040876.html
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luckyguy3
Master
09-Mar-2024 21:21     
 
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 Alert Admin 		Visitors to Singapore for Jan and Feb 2024 vs Jan and Feb 2023
Q1/24 going to outpace Q1/23 ==> Upcoming Q1 business Update should show vast improvement. 
Plus March Taylor Shift concert will mean Q1/24 will produce solid result.



Visitors to Singapore for Jan and Feb 2024 vs Jan and Feb 2019
Feb 2019 was 1.55m visitors vs 1.44m this Feb. Seems like is number of vistors is recovering fast!
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luckyguy3
Master
05-Mar-2024 08:29     
 
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 Alert Admin 		Hope to hear good news about divestment soon...
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luckyguy3
Master
05-Mar-2024 05:52     
 
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 Alert Admin 		http://www.businesstimes.com.sg/property/cdl-in-talks-to-buy-hilton-paris-opera-hotel-from-blackstone-at-reported-price-of-244-million-euros

CITY Developments Ltd (CDL) : C09 -1.4%is close to sealing a deal to buy  the Hilton Paris Opera hotel from
asset management giant Blackstone for 244 million euros (S$356 million). The group is &ldquo currently engaged in
discussions on the potential acquisition&rdquo of the 268-key hotel, CDL said in response to queries from  The Business Times.

Asian real-estate news website Mingtiandi reported on Sunday (Mar 3) that the reported price would translate to
910,448 euros per room for the acquisition from the Blackstone Real Estate Partners Europe IV fund.

CDL said in response to queries from  The Business Times: &ldquo The group continues to pursue strategic acquisition opportunities
to grow its footprint across key hospitality markets. This potential acquisition presents a rare opportunity to expand the Group&rsquo s
hospitality presence in a key European gateway city ahead of the Paris 2024 Olympics.&rdquo

&ldquo We will make appropriate announcements to the market when there are material developments.&rdquo  
Mingtiandi reported that Blackstone acquired the Paris property in 2013 for a reported 250 million euros, and changed its name
from Concorde Opera to Hilton Paris Opera after a US$50 million renovation.

Located next to the Paris Saint-Lazare train station, the hotel is a 15-minute walk from the Eiffel Tower and near attractions such as Galeries Lafayette Haussmann and Opera Garnier. 

If the deal is completed, this will be the third hotel CDL has acquired in Paris. It also owns the 163-room M Social Hotel Paris Opera and the 239-room Millennium Hotel Paris Charles de Gaulle, under its subsidiary, Millennium & Copthorne Hotels. 

The Hilton hotel would also be CDL&rsquo s third major acquisition of a European property from Blackstone in recent years. 

In 2018, CDL bought London office building 125 Old Broad Street for £ 385 million (S$686.5 million  at the 2018 exchange rate)
in 2023, it completed its purchase of mixed-use estate St Katharine Docks for £ 395 million. 

For the full year ended Dec 31, 2023, CDL reported a net profit of S$317.3 million, down 75 per cent from S$1.3 billion in the
previous corresponding period. Higher financing costs ate into the group&rsquo s profits, in the absence of divestment gains. 

Net gearing ratio rose to 61 per cent last year, from 51 per cent in FY2022, largely due to the S$2.4 billion in acquisitions
CDL completed and paid out in 2023.

CDL spent close to S$1.3 billion acquiring two residential development sites in Woodlands and Toa Payoh in Singapore,
and another S$891 million buying assets in the UK. These included St Katharine Docks and two private rented sector projects in Manchester and Greenwich. 

Hotel operations were strong last year, with revenue per available room for FY2023 up 25.3 per cent to S$168.70, and strong growth in Asia and New Zealand.

CDL will focus on strategic site acquisitions in 2024 to build its pipeline, the group said. It is also targeting divestments of S$1 billion this year,
to recycle capital, said CDL chief executive Sherman Kwek. 

CDL Hospitality Trust will also &ldquo evaluate divestment opportunities to unlock asset values and
optimise capital returns&rdquo .

Shares of CDL closed down 1.4 per cent or S$0.08 at S$5.62 on Monday. 

 
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