As at FY2024 ended Dec 31, 2024, CDL's net gearing stood at 117%, while its net gearing, including fair value on investment properties, stood at 69%. In FY2023, both figures stood at 103% and 61% respectively. In FY2024, the group's interest coverage ratio stood at 2.1 times, down from FY2023's 2.8 times. The average debt maturity stood at 2.3 years as at Dec 31, 2024.
At least $600 million worth of assets will be divested in FY2025, says City Developments Limited (SGX:C09
) 's (SGX:C09) (CDL) group CEO Sherman Kwek at the group's annual general meeting (AGM) on April 23.
According to Kwek, the group really needs to accelerate its divestments due to its "very high" gearing.
