{
  "id": 10430823,
  "title": "‘My grandfather’s legacy’: Sherman Kwek lays out three-year plan for CDL to drive returns",
  "url": "https://urgent.news/2026/09/28/my-grandfathers-legacy-sherman-kwek-lays-out-three-year-plan-for-cdl",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-28T11:23:48.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/property/my-grandfathers-legacy-sherman-kwek-lays-out-three-year-plan-cdl-drive-returns"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "The group plans S$6 billion in divestments, S$5 billion in investments and a fresh thrust into China and Japan",
  "key_points": [
    "CDL CEO Sherman Kwek unveils three-year strategy",
    "Plan includes divesting S$6B in non-performing assets",
    "Kwek cites grandfather's legacy as motivation"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}