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CDL plans US$3.9 billion investment drive across Asia by 2029
City Developments also targets selling S$6 billion of assets by 2029 and aims to double assets under management to S$10 billion through new REITs and fund vehicles.
City Developments (CDL), the Singapore property group controlled by Kwek Leng Beng’s family, said it plans to invest S$5 billion, or US$3.9 billion, in Singapore, China and Japan by 2029 to help rebuild investor confidence, according to an exchange filing. The company also said it aims to sell S$6 billion of assets over the same period through outright divestments or seeding suitable assets into managed vehicles.
CDL said it plans to create a dedicated fund management entity with an investment committee and leadership team, with a goal of doubling assets under management to S$10 billion by 2029. It expects to pursue that expansion through new real estate investment trusts, funds, partnerships and joint ventures.
The filing links the timeline and restructuring efforts to uncertainty around the firm’s outlook and succession plans following a legal dispute between chairman and patriarch Kwek Leng Beng and his eldest son, Chief Executive Officer Sherman Kwek, early last year. The two later agreed to settle their differences.