City Developments to Deploy S$5 bn and Shed S$6 bn in Asset Overhaul

City Developments Ltd outlined a "GET+" strategic plan that will see S$5 bn of growth capital deployed over the next three years, with 60% directed to Singapore, 30% to China and Japan, and 10% to other regions. The plan targets four key outcomes: a dividend payout ratio of at least 35% of net profit, net gearing near 55% by FY2029, more than S$1 bn in profit from asset sales, and total assets under management reaching S$10 bn.

CDL will pursue S$6 bn of divestments, primarily from commercial (45%) and hospitality (30%) properties, while also shedding legacy residential and living assets. The company expects over S$6 bn in cash inflows from development sales and contracted projects. Its hospitality portfolio of 165 hotels, including 88 owned, will see a targeted S$1.8 bn of disposals, representing 30% of the divestment goal.

To support AUM growth, CDL will create a dedicated fund-management unit with its own investment committee. Shares closed marginally higher at S$8.26 following the announcement.