Singapore – Hotel and property group City Developments Limited (CDL) will be freeing up $6 billion locked up in mature and non-core assets and redeploying the capital to drive growth.
In a much-anticipated strategic review, CDL said about $6 billion worth of assets could be unlocked through divestment, securitisation or optimisation.
This fell short of some analysts expectations that the group will be divesting $7 billion worth of non-core assets.
CDL targets to deploy $5 billion of growth capital across the four sectors and into markets where the Group has established capabilities, local knowledge and opportunities to generate attractive risk-adjusted returns. Singapore will remain the principal market for new investments.
The strategic review, which aims to optimise the group’s global portfolio and capital allocation priorities, was first announced at its earnings briefing in February 2026.
Global advisory firm Teneo had been engaged to start the assessment process around September 2025, and was initially slated to complete it by June.
Group chief executive officer Sherman Kwek said the review was “timely” given the internal disputes between him and his father in 2025.
The public dispute between father and son lasted for about two weeks before the older Kwek dropped the suit in mid-March 2025.
It was resolved by August 2025, when the older Kwek said CDL’s executives had “put past issues behind us”, and that the board and management were aligned on effective execution and value creation.
CDL has aggressively accelerated its capital recycling efforts, yielding $2 billion in contracted divestments in 2025. The contracted divestments included the sale of Quayside Isle@Sentosa Cove, which was completed in February 2026.
