‘My grandfather’s legacy’: Sherman Kwek lays out three-year plan for CDL to drive returns
The group plans S$6 billion in divestments, S$5 billion in investments and a fresh thrust into China and Japan
City Developments Ltd (CDL) CEO Sherman Kwek has unveiled a three-year strategy to maximize returns by divesting non-performing assets, investing in growth, and expanding into China and Japan. Kwek, who took over as CDL CEO in 2018, cited his grandfather's legacy as a driving force behind the plan. The group aims to sell S$6 billion in legacy and underperforming assets, invest S$5 billion, and maintain a minimum annual dividend payout ratio of 35%.
CDL will focus on its core businesses in Singapore and take opportunity-led bets in China and Japan, aiming to double assets under management to S$10 billion by FY2029.
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