Of note, CDL sold its 50.1% stake in South Beach at a $2.75 billion valuation to partner IOI Properties at premium to book value of around 3%, which will lead to a meaningful gain.
Adrian Loh of UOB Kay Hian has joined several other analysts in raising his target price for City Developments, with a common view that the developer is benefiting from the "capital recycling plus lower funding cost" theme.
In his Jan 21 note, Loh raised his target price from $8.50 to $11.50, after CDL had in 2025 shown its ability to "execute on its capital recycling programme to crystalise embedded NAV, improve shareholder returns and move its bloated balance in the right direction."
