CDL expects weaker performance in H2 2026

Currency losses and possible impairments also add pressure.

City Developments Ltd (CDL) expects its financial performance in the second half (H2) of 2026 to be significantly weaker than a year earlier, it said in an operational update.

The caution comes after the group unveiled GET+ on 28 September, a three-year roadmap aimed at accelerating value creation.

CDL said H2 2025 benefited from a capital recycling gain of $473.1m on the divestment of mixed-use complex South Beach Consortium in September that year.

Citing persistent inflationary pressures and elevated interest rates, the group said certain capital recycling transactions originally planned for the remainder of financial year (FY) 2026 are now expected to be completed in FY 2027.

The anticipated weaker performance is further compounded by adverse foreign exchange movements, particularly the appreciation of the Korean won against the Singapore dollar (SGD) since July 2026.

The appreciation of the won has resulted in significant forex losses recognised by CDL’s Korean subsidiary on its SGD-denominated intercompany loan receivable.

CDL is also undertaking valuations of its property portfolio, which may give rise to impairment losses, it added.

The group said it remains committed to executing GET+, focusing on accelerating portfolio optimisation, capital recycling, and disciplined capital allocation.

It is targeting $6b in divestments by FY 2029 to crystallise embedded value and recycle capital from mature, non-core, or underperforming assets.

Proceeds will support balance sheet strengthening and debt reduction, whilst providing flexibility for selective value-accretive reinvestment.

In addition, CDL anticipates more than $6b of cash inflows from development sales over the next three years, as well as further cash inflows from its operating activities.

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