CDL shares are a gamble, not an investment
CDL needs to fix governance lapses surrounding the ‘coup’, clarify roles of Kwek family members and associates, and forge a more aggressive business strategy
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[SINGAPORE] One of the dumbest calls this column ever made was in early 2021 when it said City Developments Limited (CDL) could prove more enticing to investors than CapitaLand.
Three weeks later, CapitaLand unveiled a big restructuring plan that included its property development arm going private, and its real estate investment management activities and lodging business remaining public under an entity now called CapitaLand Investment (CLI).
The reorganisation unlocked significant value for minority shareholders of CapitaLand, and CLI today trades at a much higher price-to-book valuation than traditional real estate groups such as CDL.
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