CDL to invest S$5 billion, target S$6 billion divestments under refreshed strategy
The property developer plans to double its AUM to S$10 billion by FY2029
Singapore-based property developer City Developments Ltd (CDL) announced a refreshed strategy on September 28, 2023, to boost shareholder value and deploy resources effectively. Under the new "GET+" strategy, CDL plans to invest S$5 billion in growth capital while targeting S$6 billion in divestments over the next three years, ending in FY2029.
The property giant aims to double its assets under management (AUM) to S$10 billion by the end of FY2029 from S$5 billion in June 2026. The company will focus its investments and divestments on four sectors: residential, commercial, hospitality, and living. Commercial assets will account for 45% of the targeted divestments, followed by hospitality at 30%.
CDL's owned hotel portfolio of 165 hotels, with 54 directly held properties valued at S$8.6 billion, will be a key area of focus under the refreshed strategy, with the goal of achieving S$1.8 billion in hotel property divestments by FY2029. To achieve its financial targets, CDL will establish a dedicated fund management entity, with its investment committee and leadership team directly responsible for AUM growth and financial accountability.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.