CDL posted a strong share price performance in 2025, delivering a total return of 82.6% including dividends. The gains were attributed to Equity Market Development Programme (EQDP) inflows and the divestment of approximately $2 billion worth of non-core assets.
JP Morgan analysts Mervin Song and Terence Khi, the cheerful bulls of City Developments (CDL) and UOL Group, have downgraded the two blue-chip property plays to “neutral” from “overweight”, citing a more challenging macroeconomic backdrop, particularly amid the conflict in the Middle East.
In a March 16 report, Song and Khi say the conflict in Iran could make CDL’s asset monetisation efforts “more challenging” even if they believe the property developer’s earnings should recover thanks to last year’s record residential sales, a resilient Singapore housing market and a low three-month Singapore overnight rate average (Sora) of around 1.1%.
