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City Developments ( (SG:C09) ) has provided an update.
Millennium & Copthorne Hotels New Zealand Limited announced plans to conduct seismic strengthening works at its Copthorne Hotel Wellington Oriental Bay. The Bay Wing, comprising 55 rooms, will be closed for assessments, while the rest of the hotel remains operational. The strengthening works are scheduled for 2026 and 2027, with costs included in future forecasts. Although the closure is not expected to significantly impact FY2025 earnings, the hotel’s carrying value may be reassessed, potentially leading to an impairment.
The most recent analyst rating on (SG:C09) stock is a Buy with a S$8.20 price target. To see the full list of analyst forecasts on City Developments stock, see the SG:C09 Stock Forecast page.
More about City Developments
Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) is the only NZX listed hotel owner-operator in New Zealand, managing 19 hotels under various brands including Millennium, Grand Millennium, M Social, Copthorne, and Kingsgate. It is part of a global network with over 120 properties worldwide and holds significant property interests in New Zealand and Australia.
YTD Price Performance: 43.49%
Average Trading Volume: 2,401,896
Technical Sentiment Signal: Buy
Current Market Cap: S$6.51B
For an in-depth examination of C09 stock, go to TipRanks’ Overview page.