City Developments Ltd. said in a Monday exchange filing it is looking to put S$5 billion, or $3.9 billion, to work in Singapore, China and Japan by 2029. It also plans to monetize S$6 billion of assets over that period through outright disposals and by placing suitable properties into managed vehicles.
To expand its capital-partner program, the company plans to establish a standalone fund management platform that will be overseen by an investment committee and a designated leadership team. The aim for this vehicle is to push AUM to S$10 billion by 2029 by launching additional REITs, setting up funds, striking partnerships, and forming joint ventures.
Sherman Kwek has flagged cutting CDL's net debt-to-equity ratio as a priority. On a measure that includes the fair value of investment properties, the ratio reached 75% in the first half. The goal is roughly 55% by 2029, and he pledged to dispose of holdings in weaker markets, including China and the UK.
Although the strategic review wasn't published as planned midyear, every one of the 10 directors has since endorsed its findings. Sherman previously stated that neither the board nor the management team is being reviewed.
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Investors have been focused on CDL after a legal tussle in early 2025 pitting Chair Kwek Leng Beng against his eldest son, CEO Sherman Kwek, which the pair later agreed to settle. Backed by a strong Singapore residential market, the company - the largest listed developer in Singapore by market value - reported that profit more than tripled in the year's first half. Even so, the shares are up only 3% this year, compared with a 23% rise in the Straits Times Index.
The Kwek family holds about 49% of the stock. Leading the clan is the patriarch alongside his Malaysian cousin, Quek Leng Chan. Bloomberg's Billionaires Index pegs their collective fortune at $25 billion, placing them among Asia's wealthiest families.
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