CDL to release strategic review outcome on Sep 28

[SINGAPORE] Property giant City Developments Ltd (CDL) will unveil the outcome of its strategic review before the market opens on Sep 28, followed by a briefing for analysts and the media at 10 am. The briefing will be livestreamed on its website.

The strategic review, which aims to examine the group’s global portfolio and capital allocation priorities, was first announced at the group’s earnings briefing in February this year.

“To maximise shareholder returns, we are actively reviewing our growth strategy, portfolio structures and capital allocation priorities,” the group’s CEO Sherman Kwek said at the time.

Among the assets to be reviewed are the group’s UK development legacy portfolio, which comprises five properties with a total carrying value of about S$800 million as at end-December 2025.

Global advisory firm Teneo is conducting the review, which was initially slated to be completed in June. CDL is expected to provide formal targets for the group upon the completion of the review.

The review was announced a year after a public clash between Sherman Kwek and his father, executive chairman Kwek Leng Beng, over control of the company. The matter has since been resolved.

Sherman Kwek later called the review “timely” given the internal disputes between him and his father. Speaking in April, he noted that geopolitical challenges, alongside internal issues, had buffeted the company in 2025, with the review set to help CDL move forward.

CDL found itself in the spotlight in early 2025 after an acrimonious clash between the father-son duo over control of the company. The elder Kwek had accused his son of an attempted boardroom coup in February, triggering a series of claims and counterclaims before dropping his lawsuit two weeks later.

The tussle was resolved by August 2025, when Kwek Leng Beng stated that CDL’s executives had “put past issues behind us” and that the board and management were aligned on effective execution and value creation.

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CDL to launch 570-unit Jurong project Lucerne Grand with prices from S$1.5 million

CDL H1 profit jumps three times to S$301 million on strong condo sales, doubles interim dividend

On the financial front, the developer reported in August that its first-half net profit trebled to S$301.6 million, buoyed by strong development revenue and quicker construction progress. Earnings per share rose to S$0.333 from S$0.097, while the interim dividend doubled to S$0.06 per share.

The developer said on Wednesday (Sep 16) that it will start previews for the October launch of its 570-unit Lucerne Grand condominium on Friday, pitching the Jurong Lake project at prices starting in the S$2,250 to S$2,420 per square foot range.

Shares of CDL rose 1.4 per cent to close S$0.11 higher at S$8.14 on Thursday.