CDL to divest S$6 billion over 3 years, CEO pledges 'unwavering focus' on execution of new strategy
If completed, the divestments would represent around one-sixth of the company's existing assets.
City Developments Limited (CDL) announced plans to divest S$6 billion (USD 4.7 billion) worth of assets over the next three years as part of a refreshed strategy. CEO Sherman Kwek emphasized his unwavering focus on executing the roadmap, asserting that the board and management are aligned on this plan. The divestments are projected to come from a mix of hotel, commercial property, and legacy residential holdings, with 30% targeted from hotels and 45% from commercial properties.
The remaining 25% will be sourced from the company's residential and legacy portfolio. Kwek also stated that CDL intends to distribute more than 35% annual dividends to shareholders, signaling a commitment to sustainable long-term shareholder returns.
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