CDL to invest $5b and divest $6b under 3-year roadmap

CDL plans to divest $1.8b of hotel assets through FY2029.

City Developments Limited (CDL) aims to invest $5b and divest $6b over the next three years.

Under the “3-4-5-6” execution roadmap, the real estate company outlined an FY2027 to FY2029 plan that targets the residential, commercial, hospitality, and living sectors.

CDL plans to deploy $5b across these four sectors, with 60% of the capital going to Singapore, 30% to China and Japan, and the remaining 10% to other markets, it said in a news release on 28 September.

It also targets $6b worth of divestments, potentially involving outright divestments and even seeding suitable assets into managed vehicles, CDL said.

Hospitality will be a key area of focus, said CDL, with over $1.8b of hotel divestments targeted through FY2029 or 30% of its $6b divestment target.

CDL targets a divestment mix of 45% commercial, 30% hospitality, 20% legacy residential and others, and 5% from the living sector.

Separately, CDL expects over $6b of projected property developments cash inflows from existing projects, it said in a news release on 28 September 2026.

CDL targets over $1b of its reported profit after tax and minority interests (PATMI) to be realised from divestment gains, and a dividend payout ratio of equal to or greater than 35% of its PATMI.

CDL aims to double the existing assets under management (AUM) of its dedicated fund management platform to $10b. It is establishing a dedicated fund management entity for this goal.

It set a net gearing target of ~55% by FY2029.

CDL previewed the 570-unit Lucerne Grand from 18 to 20 September, attracting 4,000 visitors.

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