Cdl Divests Assets Worth More 600 Million 2024
CDL reported divesting assets valued at over $600 million in the previous year, as part of their capital recycling strategy. The company had set a target of $1 billion for early 2024, but was unable to meet it due to a decline in deals across different markets and asset classes.
Among the completed divestments are the Ransome’s Wharf site in London, the 8-storey Cideco Industrial Complex in Singapore, and several strata units in Singapore’s Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza.
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The company also announced the divestment of the retail and office components of Hong Leong City Centre (HLCC), a mixed-use development in Suzhou, which is expected to be completed this quarter.
CDL’s group CEO Sherman Kwek stated that the asset divestments were part of their focus on accelerating capital recycling initiatives. Despite challenges in the market, the company achieved good momentum and will continue with their divestment plans. Kwek also emphasized their aim to optimize capital management and align their portfolio with strategic objectives to maximize shareholder value.
In the past year, CDL’s shares have declined by 20.97%, closing at $5.05 on Jan 16. Interested buyers can refer to Sunshine Plaza’s latest property listings. For any queries or assistance, Ask Buddy is available to help. Additionally, buyers can compare the price trends of new Condo sales and EC new sales, or rental transactions in District 7. A comparison of price trends between HDB, Condo, and Landed properties is also available, along with a list of Condo projects with the most unprofitable transactions in District 7.