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Joelton
Supreme |
17-May-2026 22:33
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What to expect ahead of CDL&rsquo s strategic review City Developments&rsquo (CDL) strategic review, which is slated to be unveiled by June, has got a lot riding on it. Group CEO Sherman Kwek announced the review during the group&rsquo s FY2025 results briefing on Feb 27. Sherman said CDL had engaged a global advisory firm in September last year to spearhead the review and the firm was &ldquo still in the process&rdquo of its assessment. Later, during CDL&rsquo s annual general meeting (AGM) on April 29, Sherman revealed the firm&rsquo s name: Teneo, which was chosen because of its long-standing working relationship with the group. According to him, CDL did not invite any other firms to submit their bids as the company did not want to &ldquo waste time interviewing endlessly&rdquo . &ldquo We had used them [Teneo] before ... previously they had advised us when we were privatising Millennium & Copthorne Hotels,&rdquo Sherman says. &ldquo We were very pleased with the scope that they proposed. We are also satisfied with the fees. They are not exorbitant.&rdquo Thus far, Teneo has conducted an investor perception audit for CDL where it spoke to institutional shareholders and equity analysts to solicit their feedback about the company. Sherman says the board will meet to discuss the strategy review in May and hopes to unveil a refreshed strategy by the end of June. What could the strategic review recommend? Following CDL&rsquo s FY2025 results in February, The Edge Singapore reported that the company is aiming to &ldquo monetise&rdquo all assets in its UK development platform by the end of the year. After two assets were sold in 2024 and 2025, five properties remain with a carrying value of some $800 million as at end-2025. That development platform has grown and shrunk over the years. As of May 13, the five properties in the platform are: a carpark at 28 Pavilion Road, Knightsbridge, acquired in 2013 Stag Brewery at Mortlake, acquired in 2015 office building Development House in Shoreditch, acquired in 2016 a residential development Teddington Riverside in Richmond upon Thames, acquired in 2015 and launched in 2018 and the six-unit Chesham Street in Belgravia. As at end-2025, 148 units at the 224-unit Teddington Riverside remain unsold, while three of the six units at Chesham Street remain unsold. According to Sherman, CDL is exploring options including bulk sales for Teddington Riverside. Some other properties in the platform have since been divested. Ransome&rsquo s Wharf was divested in 2025 for GBP69.1 million ($115.3 million). CDL had purchased the prime freehold site in 2017 for GBP58 million, or $103.4 million. At the time, CDL said it planned to redevelop the site into a luxury residential project with an estimated gross development value of GBP222 million. Meanwhile, Sydney Street, a residential development in Chelsea, was fully sold for GBP46.1 million in 2024. What analysts say Bank of America (BofA) analysts Donald Chua and Kylie Wan noted in a report following CDL&rsquo s FY2025 results that capital recycling is likely to form a big part of the strategic review, with $6 billion to $7 billion of non-core assets that could potentially be sold. &ldquo The question is timeframe and how flexible CDL is on pricing, given the majority of these are offshore and/or in sectors that are seeing weak demand (e.g UK office, China commercial, global living, M& C hotels). In our view, divesting more Singapore assets is unlikely to narrow its valuation discount in the long term. Tightening geographical exposure and boosting recurring income are also possible outcomes, in our view, but would need time to execute,&rdquo the BofA duo say. In June 2025, following the announcement of the divestment of CDL&rsquo s 50.1% stake in South Beach, JP Morgan said: &ldquo The next positive catalyst is a potential disposal of the former Stag Brewery site in Mortlake, South West London, that recently received planning approval and which CDL had acquired for GBP158 million ($335 million at the time of acquisition versus $271 million at the GBP/SGD rate on May 13) in 2013.&rdquo Mortlake&rsquo s divestment plans are likely to be included in the strategic review, market watchers say. The UK development platform has been challenging. Notably, the various property parcels experienced delays in receiving planning permission from town councils and local authorities. Moreover, since entering the UK in 2013&ndash 2014, Brexit materialised, and the UK has had several changes of prime ministers. No surprise then that divesting this platform has been identified as a priority by analysts. At OCBC Investment Research, analyst Andy Wong notes that the strategic review could enable the group to &ldquo unlock significant value&rdquo given that its investment properties are on its balance sheet at &ldquo cost less accumulated depreciation and accumulated impairment losses&rdquo . Some assets could be sold at a discount, but the capital gained can be deployed into &ldquo higher growth opportunities&rdquo . CDL&rsquo s living sector portfolio, which has a gross development value of $3.7 billion, could be put into a funds management platform that the group has plans for, Wong adds. In addition to the development platform and the living sector, CDL acquired two office properties in London in 2018, 125 Old Broad Street for GBP385 million ($687 million at the time), and Aldgate House for GBP185 million ($328 million at the time). Those prices translate into $662 million and $318 million as of May 13. Both these properties were identified as seed assets for a UK-based commercial REIT to be listed on the Singapore Exchange. At CDL&rsquo s FY2023 briefing on Feb 28, 2024, chairman Kwek Leng Beng said the UK had &ldquo a lot of potential&rdquo and that the group &ldquo should be present there and be more active&rdquo . At the time, Leng Beng believed that demand for offices in the country would start to stabilise and strengthen over time. Some two years later, Sherman says the UK &ldquo underperformed&rdquo and the group is looking to &ldquo recycle this as soon as we can&rdquo . During the results briefing on Feb 27, Sherman says that the group&rsquo s entry into the UK was &ldquo before [his] time&rdquo , and CDL had to engage an external manager then as it had no presence in the UK. Beyond capital recycling, analysts are watching for updates on CDL&rsquo s Singapore operations, potential capital returns and fund ambitions, among others. OCBC&rsquo s Wong is hoping for a &ldquo structured, medium-term strategy on its targeted geographies and asset classes over the next three to five years&rdquo alongside a &ldquo clear capital allocation framework&rdquo . &ldquo Several regional peers have pivoted towards an asset-light strategy with the aim of improving their return on equity and to generate recurring income streams via management fees,&rdquo Wong says. &ldquo Given CDL&rsquo s large asset base, it would be well positioned to grow a fund management platform and attract high quality LPs (limited partners) as partners.&rdquo Phillip Securities Research&rsquo s Darren Chan is hoping for a &ldquo clearer capital recycling framework&rdquo and a &ldquo more disciplined portfolio pruning&rdquo through targeted divestments, as well as more clarity on CDL&rsquo s plans to build a capital-light platform. &ldquo We would also look for a more explicit shareholder returns policy, including potential buybacks or special dividends where appropriate,&rdquo he adds. Plans to pare debt levels Since FY2020, CDL&rsquo s net gearing &mdash save for FY2022&rsquo s 84% &mdash has consistently come in above 90%. In FY2024 and FY2025, the group&rsquo s net gearing spiked to 116% and 117% respectively, driven by a constant spate of acquisitions including St Katharine Docks in Central London, which the group acquired for GBP395 million or $636 million then. Recognising the strain of higher net finance costs due to the higher interest rate environment, Sherman announced a $1 billion divestment target at CDL&rsquo s FY2023 results briefing on Feb 28, 2024. During CDL&rsquo s AGM on April 23, 2025, Sherman reiterated CDL&rsquo s need to accelerate its divestments due to its &ldquo very high&rdquo gearing and said that the group would divest at least $600 million worth of assets in FY2025, matching 2024&rsquo s total divestment sum of over $600 million, although the figure fell short of the initial target of $1 billion. In 2025 alone, however, the group had executed $2 billion worth of divestments, including the sale of its 50.1% stake in South Beach to its joint venture partner, IOI Properties. The group, in its FY2025 results presentation, said that it would focus on capital recycling initiatives. &ldquo Capital recycling is [going to] be very much a part of our business as property development and asset management&hellip and to me, it&rsquo s core,&rdquo Sherman says. At CDL&rsquo s most recent AGM, Sherman told investors that the new strategy will not only shape how CDL is run going forward, it will also be a way to hold the company&rsquo s management to account. &ldquo This is how CDL is going to be morphing over time,&rdquo Sherman says. &ldquo If you don&rsquo t like what you see, then maybe this is not the company for you. But you will be able to at least see how CDL is changing.&rdquo |
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Joelton
Supreme |
17-May-2026 22:32
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CDL, DBS launch S$300 million green loan to advance nature-based solutions in Singapore It will be used for general corporate funding and working capital purposes, among others [SINGAPORE] City Developments Limited (CDL) has secured a new S$300 million multicurrency sustainability-linked loan (SLL) provided by DBS, a bourse filing on Friday (May 15) said. The aim of the venture is to accelerate the adoption of nature-based urban development solutions in Singapore. The loan will be used for general corporate funding and working capital purposes, including asset redevelopment and sustainability initiatives. A statement said the new SLL was structured in line with sustainability-linked loan principles and introduces a comprehensive suite of sustainability performance targets focused on strengthening climate and nature resilience in urban systems. Hence, it is in line with the Singapore Green Plan 2030. Targets include scaling urban farming initiatives, establishing and/or expanding microforests with predominantly native species, and enhancing stakeholder engagement on climate and nature. Yiong Yim Ming, group chief financial officer at CDL, said that sustainable financing is a catalyst for growth and &ldquo an important enabler&rdquo in accelerating the transition towards a low-carbon and more climate-resilient future. &ldquo This latest SLL reflects the next evolution of our sustainability journey, embedding measurable nature-based targets into our financing framework and further aligning our financial strategy with environmental outcomes,&rdquo he added. &ldquo As a developer, real estate can play an important role in advancing climate action and shaping a greener, more resilient and more liveable urban environment.&rdquo It is the second partnership involving an SLL between the two parties &ndash the first being the Taskforce on Nature-related Financial Disclosures (TNFD) targets-aligned SLL issued in June 2024, with a S$400 million value. Launched in September 2023, the TNFD framework is a set of global standards and guidelines designed to help businesses effectively integrate nature and biodiversity considerations into corporate decision-making. This in turn enables greater transparency, accountability and more consistent measurement in nature-related financial disclosures. |
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tongphlp
Supreme |
15-May-2026 05:06
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son caused the loss of 2b in china
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JurongW
Elite |
15-May-2026 00:37
Yells: "Earnings give weight, Chart give wings" |
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Last year 1Q operational update was released on 20 May. If this year update is also positive, it should lend support to the share price.
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JurongW
Elite |
15-May-2026 00:24
Yells: "Earnings give weight, Chart give wings" |
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JurongW
Elite |
15-May-2026 00:18
Yells: "Earnings give weight, Chart give wings" |
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EGM Presentation https://links.sgx.com/1.0.0/corporate-announcements/BP6XUWRI43R3XHKH/886675_CDL%20EGM%202026%20Presentation.pdf AGM presentation https://links.sgx.com/1.0.0/corporate-announcements/5SEUXE6SB5GCYDNP/886664_CDL%20AGM%202026%20Presentation.pdf |
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JurongW
Elite |
15-May-2026 00:14
Yells: "Earnings give weight, Chart give wings" |
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The catalyst will come from CDL strategic review to be announced before end June https://www.straitstimes.com/business/companies-markets/governance-concerns-strategic-review-among-issues-raised-at-cdl-agm |
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JurongW
Elite |
14-May-2026 23:57
Yells: "Earnings give weight, Chart give wings" |
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Could be near bottom - Let' s observe how share price reacts at the small channel as well as the confluence of 200EMA and 0.382 fibo level.
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haizzz
Senior |
14-May-2026 17:31
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This counter everyday drop. Now below $8. No more what it once was...really lost confidence since son took over. | ||
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tongphlp
Supreme |
02-May-2026 13:53
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always in the news for the wrong reasons
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Joelton
Supreme |
02-May-2026 12:44
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Governance concerns, company review among issues raised at CDL AGM
SINGAPORE - Corporate governance concerns surfaced at the annual general meeting (AGM) of City Developments Limited (CDL) on April 29, as shareholders questioned the role of its directors and the progress of a strategic review.
This followed a high-profile dispute between executive chairman Kwek Leng Beng and group chief executive Sherman Kwek in 2025.
The elder Mr Kwek had accused his son of staging a coup to consolidate control of the board, but he dropped the lawsuit soon after.
The media was not permitted to attend the AGM, but National University of Singapore professor Mak Yuen Teen, who attended the meeting, told The Straits Times that shareholders seemed to be &ldquo pretty happy&rdquo thanks to the company&rsquo s performance.
CDL&rsquo s 2025 earnings soared 213 per cent to $629.7 million, up from $201.3 million in 2024.
But Prof Mak told ST he had some concerns. During the AGM, he asked whether there was a conflict of interest regarding Mrs Wong Ai Ai, who is an independent non-executive director and chair of the Nominating and Remuneration Committee at CDL.
She also sits on the board of SWI Capital Holding, a global investment company involved in sectors like real estate and digital infrastructure. The company also has interests in markets like Britain, where CDL has properties under its hotel unit.
SWI Capital, which listed in Amsterdam in February, also holds a majority stake in Stoneweg European Real Estate Investment Trust (REIT), which owns commercial properties across Europe.
Meanwhile, CDL has a stake in IREIT Global, which owns similar assets in Europe. The two REITs are listed on the Singapore Exchange and are seen as competitors.
According to Prof Mak, the board replied that it is not uncommon for directors to serve on multiple boards where conflicts may arise.
Questions were also raised about CDL&rsquo s strategic review, which the company said it began earlier in 2026. The review aims to boost shareholder value by selling existing non-core assets and reinvesting the capital to reshape CDL&rsquo s property portfolio.
Shareholders asked who would be appointed to carry out the review, Prof Mak said, noting that the board said it has selected Teneo, a global strategic advisory and communications firm, to lead the process.
Mr Sherman Kwek also replied that the review will be discussed at a board strategy meeting in May, with details expected to be unveiled by end-June, according to a report by The Business Times.
Mr Sherman Kwek called the review &ldquo timely&rdquo , after CDL faced difficulties in 2025, including its highly publicised internal dispute, BT reported.
CDL had divested about $2 billion worth of assets in 2025, including South Beach and Fortune Centre units in Singapore. The South Beach sale was one of its largest to date, based on a valuation of about $2.75 billion. Other divestments included Bespoke Hotel Shinsaibashi in Japan and Millennium Hotel St Louis in the US.
CDL also made $1.7 billion worth of investments, including its purchase of Holiday Inn London in Kensington High Street.
In responses to questions submitted by shareholders on April 24 before the AGM, CDL had said the Holiday Inn deal strengthens its presence in central London, with the hotel achieving occupancy rates of over 95 per cent.
Together with the adjoining Copthorne Tara Hotel, CDL now controls two large freehold sites in the area, offering long-term redevelopment potential.
The group said it will adopt a multi-year approach to divestments, with a pipeline of assets identified globally for potential sale, including its land bank in Britain.
Mr Sherman Kwek said CDL&rsquo s current strategy was launched in 2018, and the group needs external help to see if the strategy is still appropriate and relevant, and if it is communicated properly to shareholders, BT added.
All resolutions tabled at the AGM were passed with a comfortable majority. These resolutions included the re-election of independent directors and its share purchase mandate, among others.
CDL also held its extraordinary general meeting on the same day to vote on its new long-term share incentive plan.
Under the plan, selected management staff may be awarded CDL shares. It aims to tie the company&rsquo s long-term value creation to senior management remuneration. This resolution was passed with over 77 per cent approval.
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tongphlp
Supreme |
30-Apr-2026 10:31
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put in all yes man
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Joelton
Supreme |
30-Apr-2026 09:50
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CDL strategic review &lsquo timely&rsquo after last year&rsquo s disputes, Sherman Kwek tells shareholders [SINGAPORE] An ongoing strategic review being done by City Developments Ltd (CDL) was &ldquo timely&rdquo after the company went through &ldquo some difficulties&rdquo and internal disputes last year, group chief executive officer Sherman Kwek told a packed shareholders meeting on Wednesday (Apr 29). The property giant is looking to &ldquo revamp&rdquo its strategy and better articulate its value to investors, and has appointed global advisory firm Teneo for the task. At CDL&rsquo s annual general meeting (AGM) on Wednesday, group CEO Sherman Kwek said that the review will be discussed at a board strategy meeting in May, with details expected to be unveiled by end-June. |
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tongphlp
Supreme |
30-Apr-2026 05:48
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cdl lost 2b in china and can survive...not many companies able to do that..
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JurongW
Elite |
30-Apr-2026 02:47
Yells: "Earnings give weight, Chart give wings" |
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Take note that CDL will go XD on Thu 30 April. Share price will adjust downwards by 25 cents. | ||
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pasttime
Supreme |
29-Apr-2026 22:13
Yells: "gold silver are real money. not others iou." |
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city dev is like a very big carrier. not so easy to go wrong. even with very large mistake they have capacity to survive. uol is already proven handle over to next generations successfully and doing well. both when their 50 level high development and others complete will bring lots of income. |
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moonsun
Veteran |
29-Apr-2026 17:45
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Comparing cdl to uol ? performance of share price is still very laggard. Hope mgt will continue to hunt for new ventures? | ||
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tongphlp
Supreme |
28-Apr-2026 15:31
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new directors...new ideas....new directions...
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Joelton
Supreme |
28-Apr-2026 11:27
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Citi names top developer picks as mass-market property launches see solid take-up Strong sales momentum in primary residential market &lsquo bodes well&rsquo for CDL and UOL, says brokerage [SINGAPORE] City Developments Ltd (CDL) : C09 -0.47% and UOL Group : U14 -0.94% are the top picks in the real estate sector for Citi Research, as robust weekend sales at two major mass-market launches signal continued strength in the primary residential market. In a research note on Monday (Apr 27), Citi analyst Brandon Lee maintained a &ldquo buy&rdquo rating on both developers, citing a strong year-to-date sales momentum. Across the island, eight projects have had an average initial take-up of around 77 per cent during the period. For CDL, Citi has set a target price of S$11.53, representing a 17 per cent discount to its revalued net asset value (RNAV) of S$13.89 per share. The brokerage&rsquo s key assumptions for CDL through to the 2028 fiscal year include a 1 to 3 per cent annual rise in Singapore residential prices, office capitalisation rates of 3.5 to 4 per cent, and Singapore Grade A rent growth of 4 per cent in 2026, 2 per cent in 2027, and a 3 per cent decline in 2028. For CDL&rsquo s hospitality segment, Citi assumes cap rates of 4.5 to 5.5 per cent and a consistent 3 per cent annual rise in revenue per available room (RevPAR) in the three years. Meanwhile, retail cap rates are estimated at 4.5 to 5 per cent with rent increases of 0.5 to 2 per cent per year. Downside risks that could impede CDL from reaching its target price include a weak take-up at its residential launches, the introduction of additional cooling measures, a sharp economic slowdown, over-expansion in overseas markets, and execution issues in turning around the hospitality platform. UOL Group has a target price of S$12.90, set at a 27 per cent discount to its RNAV of S$17.67 per share. Citi identified several factors that could narrow UOL&rsquo s RNAV discount. These were: a better-than-expected take-up at the upcoming launch at the former Thomson View condominium site in the fourth quarter of 2026, more details regarding the property group&rsquo s redevelopment of Marina Square, and potential asset divestments. For UOL&rsquo s 50.4 per cent stake in Singapore Land Group, Citi estimates RNAV per share based on a similar set of assumptions as for UOL. Key downside risks for UOL include cap-rate expansion as interest rates rise, a sharp economic slowdown leading to weaker office and retail absorption, a fall in tourist arrivals having an impact on RevPAR, and a prolonged period of the existing cooling measures. Strong weekend performance The positive outlook follows a weekend of high activity, where two 99-year leasehold projects saw significant buyer interest. Tengah Garden Residences, an 863-unit development by Hong Leong Holdings, GuocoLand, and CSC Land Group, moved 853 units &ndash roughly 99 per cent of its total inventory. The project achieved an average price of S$2,120 per square foot (psf), which Citi estimates translates to an 18 per cent profit-before-tax margin. Meanwhile, Vela Bay in Bayshore Road, developed by SingHaiyi and Chuan Capital, sold 371 of its 515 units (72 per cent). The average price recorded was S$2,886 psf, reflecting about a 13 per cent profit margin on an estimated break-even of S$2,390 psf. Singaporeans continue to drive the market they accounted for 90 per cent of the purchases over the weekend, noted Citi. &ldquo We attribute the solid take-up to the proximity to MRT stations (Hong Kah and Bayshore, respectively), pent-up demand within the precinct, and soft mortgage rates,&rdquo it added. Citi expects this primary sales momentum to persist, which &ldquo bodes well for our top developer picks&rdquo &ndash CDL and UOL, it said. |
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JurongW
Elite |
23-Apr-2026 14:55
Yells: "Earnings give weight, Chart give wings" |
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Perhaps short-term retracement. Let' s see how share price react to the support line and 20EMA (red)
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