City Developments Limited (CDL) unveiled GET+, a three-year strategy (FY2027–FY2029) targeting S$6 billion in divestments and S$5 billion in new investments. Hospitality divestments are targeted at approximately S$1.8 billion, representing 30% of the group’s total divestment goal. Singapore remains the group’s principal market for new investments. CDL said the strategy builds on its earlier Growth, Enhancement and Transformation programme in place since 2018.
CDL’s global hospitality portfolio spans 165 hotels with around 48,000 rooms, including 88 owned hotels. Of these, 54 hotels are directly held by CDL and valued at approximately S$8.6 billion, including two properties opening within the next 12 months. The figures exclude hotels under CDL Hospitality Trusts and Millennium and Copthorne Hotels New Zealand Limited.
CDL said it will take a tailored approach to its owned hotel portfolio, retaining core assets, enhancing others with identified potential and divesting selected properties. The targeted divestment mix also includes a 20% share attributed to legacy residential and other assets.
Kwek Leng Beng, executive chairman of CDL, said: “For over six decades, CDL has built a strong and diversified real estate and hospitality portfolio supported by deep capabilities and quality assets. The Strategic Review builds on these strengths, while sharpening our priorities and setting a clear direction for the Group.”
City Developments targets S$10b in fund management AUM
The group plans to grow its fund management platform from approximately S$5 billion in assets under management as of 30 June 2026. It aims to reach S$10 billion by FY2029. The group will set up a dedicated fund management entity with its own investment committee and leadership team accountable for growth in assets under management. The platform will combine new and existing listed REIT vehicles with an expanded private capital platform through funds, partnerships and joint ventures.
The platform said the platform will draw on its origination ability and in-house capabilities across acquisition, development, sales, leasing, asset management and hospitality. It will build a pipeline of opportunities seeded from its own portfolio or new acquisitions and scaled with third-party capital.
Sherman Kwek, group chief executive officer of CDL said: “GET+ marks our next chapter of value creation, with a three-year execution roadmap marked by a sharper focus around where we deploy capital, how we manage our portfolio and where we can unlock value.”
