CDL to unlock hidden empire worth $6b to deploy into better yielding assets
CDL targets to deploy $5 billion of growth capital across residential, commercial, hospitality and living.
Hotel and property conglomerate City Developments Limited (CDL) is set to unlock a $6 billion empire of mature and non-core assets for deployment into more lucrative investments. In a strategic review, CDL announced on September 28 that it would divest, securitize or optimize approximately $6 billion in assets, a mix comprising 45% commercial properties, 30% hospitality, 20% legacy residential and 5% living sector assets.
Beyond the divestment proceeds, CDL anticipates more than $6 billion in cash inflows by fiscal year 2029 from property development sales, bolstered by future cash collections from contracted sales and its existing development pipeline. These projected inflows complement the $6 billion divestment target.
As part of GET+ - CDL’s three-year refreshed strategy for 2027 to 2029 - the group aims to deploy $5 billion of growth capital across four sectors. Singapore will be the main market for these investments, accounting for 60% of the funds, while the remaining 30% will go to China and Japan, and 10% to other markets.
The capital recycling drive was spurred by internal disputes between CDL's CEO Sherman Kwek and his father, who filed a lawsuit in February 2025 accusing his son of attempting a boardroom coup. The dispute was resolved in August 2025, after which CDL accelerated its capital recycling efforts, resulting in $2 billion in contracted divestments in 2025, including the sale of Quayside Isle@Sentosa Cove that concluded in February 2026.
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