City Developments Limited (CDL) has announced that it sold assets worth more than $600 million last year as part of its capital recycling efforts. The company also has several other divestments in the pipeline, although this falls short of the $1 billion target set in early 2020 before the volume of deals dropped off in most markets and asset classes.
Among the divestments completed last year were the Ransome’s Wharf site in London, the freehold eight-storey industrial building Cideco Industrial Complex in Singapore, and various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza in Singapore.
CDL also rolled out The Orie, a joint venture with Frasers Property and Sekisui House, in Toa Payoh, with prices starting from $1.28 million.
The mixed-use development Hong Leong City Centre in Suzhou is currently under contract and expected to be completed this quarter. CDL group CEO Sherman Kwek says that these divestments reflect the company’s focus on accelerating its capital recycling initiatives. He adds, “While market conditions have made divestments challenging, we are pleased to have achieved good momentum and will continue to push forward with our divestment plans.”
Kwek explains that the company aims to optimize its capital management while ensuring its portfolio is aligned with strategic objectives and maximizes shareholder value. The divestments also include the Ransome’s Wharf site in London, which was sold because the market conditions were challenging and it will maximize value for shareholders.
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CDL shares closed at $5.05 on January 16, a slight decrease of 0.2%. However, over the past year, they have decreased by 20.97%. Potential buyers may wish to check out the latest listings for Sunshine Plaza properties. Additionally, Ask Buddy is a useful feature that can help you find condo rental listings in District 7. You can also compare the price trend of Condo new sale vs. EC new sale and view condo rental transactions in District 7. Additionally, you can compare the price trend of HDB vs. Condo vs. Landed properties, and view the condo projects with the most unprofitable transactions in District 7.