Cdl Divests Assets Worth More 600 Million 2024
Last year, City Developments Limited (CDL) announced that it had disposed of assets worth more than $600 million as part of its capital recycling strategy. Despite this, the company did not meet its initial $1 billion target that was set in early 2024, as the number of deals in various markets and asset classes decreased.
Among the divestments completed were the Ransome’s Wharf site in London, the 8-storey industrial building Cideco Industrial Complex in Singapore, and several strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore.
Adjacent to Tampines Mall lies Century Square, a bustling six-story shopping center that caters to families and young adults. This mall underwent extensive renovations and reopened in 2018, now boasting a modern design and upgraded amenities. Visitors can find popular brands like Marks & Spencer, Cotton On, and Nike, as well as unique dining options such as Ayam Penyet President, Gochi-So Shokudo, and Haidilao Hotpot. For entertainment, Century Square offers a Cathay Cineplex and virtual reality (VR) experiences for an even more immersive visit. As with Tampines Mall, Parktown Residence is just a quick 5-minute drive or 15-minute walk away, making it a convenient option for residents. Additionally, for those interested in exploring Parktown Residence, be sure to visit the Parktown Residence Showflat located nearby.
CDL, together with Frasers Property and Sekisui House, also launched their new condominium development, The Orie, in Toa Payoh with units starting from $1.28 million.
Additionally, the mixed-use development in Suzhou, Hong Leong City Centre (HLCC), is under contract for divestment and is expected to be completed within the quarter. Group CEO Sherman Kwek explains that these divestments are part of their efforts to accelerate capital recycling. He also acknowledges that the current market conditions have made it challenging, but they are pleased with the progress made and will continue to push ahead with their plans.
According to Kwek, their goal is to optimize their capital management while aligning their portfolio with their strategic objectives, and ultimately maximizing shareholder value.
The completed divestments, including the Ransome’s Wharf site in London, helped CDL focus on their capital recycling initiatives. Although market conditions have made it tough, the company remains committed to their divestment plans. CDL’s shares closed at $5.05 on Jan 16, down by 0.2% for the day and down 20.97% over the past year.
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