Singapore’s Kwek family-controlled CDL warns of ‘significantly weaker’ H2 performance
City Developments Ltd (CDL), controlled by Singapore’s second-richest family, the Kweks, expects “significantly weaker” financial results in the second half of 2026 as some planned asset sales are delayed and its property portfolio may incur impairment losses.
Singapore’s Kwek family-controlled CDL has warned of "significantly weaker" performance in the second half of the fiscal year, citing delayed capital-recycling transactions and adverse currency movements. In their third-quarter business update, the company stated that several scheduled transactions, planned for completion by the end of fiscal 2026, are now expected to close in fiscal 2027.
This delay has left CDL facing an unfavorable comparison with the previous half-year period, when a stake sale generated a gain of SGD473.1 million. The Korean won's rise against the Singapore dollar since July has further pressured the group's second-half performance. Additionally, CDL is reassessing the value of its property portfolio, which may result in impairment losses.
The company continues to face challenging market conditions for its office properties in China. Despite these challenges, CDL remains committed to divestment initiatives and optimization opportunities in line with its capital-recycling priorities.
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