CDL to divest S$6 billion over 3 years, CEO pledges 'unwavering focus' on execution of new strategy城市发展有限公司（CDL）将在三年内剥离价值60亿新元的资产，首席执行官承诺将“坚定不移地”专注于执行新战略。
If completed, the divestments would represent around one-sixth of the company's existing assets.
If completed, the divestments would represent around one-sixth of the company's existing assets.
City Developments Limited chief executive Sherman Kwek speaks during a strategic review briefing on Sep 28, 2026. (Photo: CNA/Raydza Rahman)
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SINGAPORE: City Developments Limited's (CDL) refreshed strategy for the next three years will see the group targeting to sell S$6 billion (US$4.7 billion) worth of assets to unlock value, with chief executive Sherman Kwek promising "unwavering focus" on strong execution of the roadmap.
With Mr Kwek noting that CDL has S$36 billion of assets on its balance sheet, the planned divestment will represent one-sixth of the company's assets.
Out of the planned divestments, the company targets 30 per cent of the divestments to come from hotels and 45 per cent from commercial properties. The remaining 25 per cent of divestments is targeted to come from its legacy residential, living and other parts of its portfolio.
CDL announced the strategic review to maximise shareholder returns earlier this year, indicating its intention to unlock value from mature and non-core assets. This came around a year after a public feud between Mr Sherman Kwek and his father, CDL executive chairman Kwek Leng Beng.
CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less At that time, the elder Mr Kwek accused his son of an attempted "coup" and filed a lawsuit over alleged governance lapses, before dropping the case two weeks later. During an analysts' briefing on the strategic review, the younger Mr Kwek responded to a question about how shareholders can be confident that individual leadership differences will not get in the way of institution-level priorities. "What happened last year was unfortunate, but it's something that we hope not to ever see happen again," he said. CDL's board is united on the strategic review and has approved everything that the company announced on Monday, said Mr Kwek. "This is something that the board and management are aligned on, so I think we want to go forth and really focus on execution," he said, adding that he is confident that they can deliver on the plans.
At that time, the elder Mr Kwek accused his son of an attempted "coup" and filed a lawsuit over alleged governance lapses, before dropping the case two weeks later.
During an analysts' briefing on the strategic review, the younger Mr Kwek responded to a question about how shareholders can be confident that individual leadership differences will not get in the way of institution-level priorities.
"What happened last year was unfortunate, but it's something that we hope not to ever see happen again," he said.
CDL's board is united on the strategic review and has approved everything that the company announced on Monday, said Mr Kwek.
"This is something that the board and management are aligned on, so I think we want to go forth and really focus on execution," he said, adding that he is confident that they can deliver on the plans.
Members of CDL's senior management team on a panel at the company's strategic review briefing on Sep 28, 2026. (Photo: CNA/Raydza Rahman)
The elder Mr Kwek did not attend the briefing on Monday, and a question on succession directed at him was left unanswered.
However, the press release included a statement from him.
"For over six decades, CDL has built a strong and diversified real estate and hospitality portfolio supported by deep capabilities and quality assets," he said.
"The strategic review builds on these strengths, while sharpening our priorities and setting a clear direction for the group."
NEW INVESTMENTS, CASHFLOW PROJECTIONS
As part of the strategic review, CDL also projected a S$6 billion cash inflow over the next three years. This is expected to come from property development sales, future cash collections from contracted sales and its existing development pipeline.
CDL will also deploy S$5 billion into new investments for future growth, with 60 per cent of the funds likely to go into projects in Singapore. The group plans for 30 per cent of the capital to be invested in China and Japan, and the rest into other markets.
Mr Sherman Kwek said the S$5 billion is not a rigid quota, and that a lot of the new investments will be opportunity-led, both in Singapore and overseas.
It will depend on the number of land tenders that CDL can win or whether the projects meet the company's risk-adjusted return targets. If the right opportunities do not materialise overseas, then Singapore may become a bigger part, he said.
"It's a framework to guide us and it's our roadmap going forward. We know where we are willing to put capital to and to what sort of extents, we know where we don't want to put capital to," he said.
The company said the refreshed strategy is aimed at delivering sharper strategic focus, stronger capital discipline and sustainable long-term shareholder returns.
To that end, the group intends to distribute a dividend payout of more than 35 per cent annually, on reported profit after tax and minority interests.
In February last year, Mr Kwek Leng Beng said his son and a group of directors bypassed CDL's nomination committee to push through changes to the board without proper review.
At the time, Mr Sherman Kwek took aim at Dr Catherine Wu, then an independent adviser to the board of a CDL subsidiary, Millennium & Copthorne Hotels Limited.
He said she had interfered in matters "going well beyond her scope" and had "enormous influence". Dr Wu resigned from her role shortly after.
The public tussle came to an end in March 2025 after Mr Kwek Leng Beng said he would drop legal action against his son.
He said at the time that the board members had agreed to set aside their differences for the “greater good” of the company and its stakeholders.
On Monday, Mr Kwek fielded a question about what motivates him to keep working hard despite being "independently financially well off". Beyond the general desire to accomplish certain career achievements, he and other members of the team care deeply about CDL, and he wants to honour his grandfather's legacy. "I've always been driven by the fact that I want to perpetuate our family legacy, especially my grandfather, who's had a very deep and meaningful influence on me when I was growing up," he said. "That's been a key driving factor for me."
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如果完成，这些资产剥离将占公司现有资产的约六分之一。
城市发展有限公司首席执行官郭文龙于2026年9月28日在战略评估简报会上发表讲话。（图片：CNA/Raydza Rahman）
这段音频由人工智能工具生成。
新加坡：城市发展有限公司（CDL）更新了未来三年的战略，目标是出售价值 60 亿新元（47 亿美元）的资产以释放价值。首席执行官郭文龙承诺将“坚定不移地”全力执行该路线图。
郭先生指出，CDL的资产负债表上有360亿新元的资产，此次计划中的资产剥离将占该公司资产的六分之一。
在计划的资产剥离中，该公司预计30%的剥离将来自酒店业务，45%来自商业地产。剩余的25%则计划从其原有的住宅、居住及其他投资组合中剥离。
今年早些时候，城市发展有限公司（CDL）宣布启动战略评估，旨在最大程度地提高股东回报，表明其有意从成熟和非核心资产中释放价值。此前大约一年，郭荣铿先生与其父、CDL执行主席郭令明先生曾公开交恶。
CNA游戏 猜词游戏 逐行破解单词 流行词游戏 用给定的字母组成单词 迷你数独 小小的谜题，强大的脑力挑战 迷你填字游戏 小方格，大挑战 单词搜索 尽可能多地找出单词 显示更多 显示更少 当时，老郭先生指控儿子企图发动“政变”，并就所谓的公司治理失职提起诉讼，但两周后撤诉。在一次关于战略评估的分析师简报会上，小郭先生回答了一个关于股东如何才能确信个人领导层分歧不会妨碍机构层面优先事项的问题。他说：“去年发生的事情很不幸，但我们希望它永远不会再次发生。”郭先生表示，CDL董事会在战略评估上意见一致，并已批准公司周一宣布的所有事项。他说：“这是董事会和管理层意见一致的事项，所以我认为我们应该继续前进，真正专注于执行。”他还补充说，他相信他们能够实现这些计划。
当时，老郭先生指控他的儿子企图发动“政变”，并就所谓的治理失职提起诉讼，但两周后撤诉。
在一次关于战略评估的分析师简报会上，小郭先生回答了一个问题，即股东如何才能确信个人领导层的差异不会妨碍机构层面的优先事项。
他说：“去年发生的事情很不幸，但我们希望它永远不会再次发生。”
郭先生表示，CDL董事会对战略评估意见一致，并已批准公司周一宣布的所有事项。
“董事会和管理层在这件事上意见一致，所以我认为我们应该继续推进，真正专注于执行，”他说道，并补充说他有信心他们能够实现这些计划。
2026年9月28日，城市发展有限公司（CDL）高级管理团队成员出席公司战略评估简报会。（图片：CNA/Raydza Rahman）
老郭先生周一没有出席新闻发布会，针对他的继任问题也没有得到回答。
然而，新闻稿中包含了他的一份声明。
“六十多年来，CDL 凭借深厚的实力和优质的资产，构建了强大而多元化的房地产和酒店投资组合，”他说道。
“此次战略评估建立在这些优势之上，同时明确了我们的优先事项，并为集团设定了明确的发展方向。”
新投资、现金流预测
作为战略评估的一部分，城市发展有限公司（CDL）预计未来三年将有60亿新元的现金流入。这笔资金预计将来自房地产开发销售、已签约销售的未来现金回收以及现有开发项目的储备。
城市发展有限公司（CDL）还将投入50亿新元用于未来增长的新投资，其中60%的资金可能用于新加坡的项目。该集团计划将30%的资金投资于中国和日本，其余资金则投资于其他市场。
郭先生表示，50亿新元并非硬性配额，许多新的投资将以机遇为导向，无论是在新加坡还是在海外。
这取决于城市发展有限公司（CDL）能够赢得多少土地招标项目，以及这些项目是否达到公司经风险调整后的回报目标。他表示，如果海外没有合适的投资机会，那么新加坡可能会成为其业务的重要组成部分。
他说：“这是一个指导我们前进的框架，也是我们未来的发展路线图。我们知道我们愿意把资金投入到哪些领域，以及投入的规模；我们也知道我们不想把资金投入到哪些领域。”
该公司表示，更新后的战略旨在实现更清晰的战略重点、更强的资本纪律和可持续的长期股东回报。
为此，该集团计划每年向股东派发超过 35% 的股息，股息基于扣除税款和少数股东权益后的已公布利润。
去年二月，郭令明先生表示，他的儿子和一群董事绕过城市发展有限公司的提名委员会，在没有经过适当审查的情况下强行对董事会进行改组。
当时，谢尔曼·郭先生将矛头指向了凯瑟琳·吴博士，她当时是城市发展有限公司旗下子公司千禧国敦酒店有限公司的董事会独立顾问。
他说她干预了“远远超出她职权范围”的事务，并且拥有“巨大的影响力”。吴博士随后不久便辞去了职务。
这场公开争斗在 2025 年 3 月结束，当时郭令明先生表示他将撤销对儿子的法律诉讼。
他当时表示，董事会成员已同意为了公司及其利益相关者的“更大利益”而搁置分歧。
周一，郭先生被问及，尽管他“经济独立”，是什么激励他继续努力工作。除了渴望在事业上取得一定成就之外，他和团队其他成员都非常关心CDL，他也希望能够传承祖父的遗志。“我一直受到家族传承的信念的激励，尤其是我的祖父，他在我的成长过程中对我产生了非常深远的影响，”他说。“这始终是我前进的动力。”
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