In FY2023 ended Dec 31, 2023, CDL made $2.4 billion worth of acquisitions and investments across six countries, including the acquisitions of St Katharine Docks in central London in the UK, the Champions Way government land sales site in Singapore, as well as the private rented sector projects in Tokyo and Osaka in Japan.
If 2023 was the year of acquisitions for City Developments Ltd (CDL), 2024 is likely to be the year of divestments as the property and hospitality giant looks to lock in gains made over the years.
During CDL’s results briefing on Feb 28, group CEO Sherman Kwek announced a target to divest $1 billion worth of assets this year. “Many of our existing assets sit on our books at a low carrying cost. Therefore, I think we have a lot of ways to unlock, value and monetise,” he says.
