CDL bets $5b on growth, offloads $6b in assets

It aims for a dividend payout ratio of at least 35% of PATMI.

City Developments Limited (CDL) will invest $5b and divest $6b over financial years (FY) 2027 to 2029 under a new strategy called GET+, the company announced on SGX.

The $5b in growth capital will be spread across Residential, Commercial, Hospitality and Living sectors, with 60% going to Singapore, 30% to China and Japan, and 10% to other markets.

Divestments will be weighted towards Commercial assets at 45%, followed by Hospitality at 30%, Legacy Residential and Others at 20%, and Living at 5%.

The group also expects more than $6b in projected cash inflows from existing property development projects over the period, in addition to the divestment target.

CDL aims for a dividend payout ratio of at least 35% of profit after tax and minority interests (PATMI) annually, net gearing of about 55% by FY2029, and more than $1b in PATMI from divestment gains.

It also targets assets under management of $10b. The divestment gain estimate assumes market values as at 31 December 2025.

Executive Chairman Kwek Leng Beng said the review builds on CDL's portfolio and capabilities whilst sharpening priorities.

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