CDL outlines asset-sale and AUM targets on different timelines
City Developments Limited aims to sell S$6 billion in assets through divestments or by placing suitable assets into managed vehicles, with the filing describing the sales as occurring “within the same period.” Separately, it aims to double assets under management to S$10 billion by 2029 through a proposed fund-management entity and several investment structures.
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The South China Morning Post reports two distinct targets for City Developments Limited (CDL): S$6 billion in asset sales, through outright divestments or by placing suitable assets into managed vehicles, and a doubling of assets under management (AUM) to S$10 billion by 2029. The filing describes the asset sales as taking place “within the same period”; the passage available here does not identify the period. The AUM target has an explicit 2029 deadline.
For the AUM goal, CDL plans to establish a dedicated fund-management entity with an investment committee and leadership team. It intends to use new real estate investment trusts, funds, partnerships and joint ventures. The South China Morning Post also reports investor discussion of CDL’s future, outlook and succession plans after a legal dispute early last year between chairman Kwek Leng Beng and his eldest son, CEO Sherman Kwek; the two later agreed to settle their differences.
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