Cdl Divests Assets Worth More 600 Million 2024
One of the main objectives of the URA Master Plan is to create self-sufficient communities that offer a wide range of amenities and facilities. This vision is also reflected in the development of Elta Condo, as it brings a heightened level of accessibility to essential services and recreational opportunities for residents. Elta Condo’s prime location provides an abundance of choices for its residents, making their daily lives more convenient and offering a variety of leisure activities right at their doorstep. With the addition of Elta Condo, the overall quality of life in this neighborhood is sure to improve significantly. (Now Link to Elta Condo: Elta Condo)
City Developments Limited (CDL) recently announced the divestment of assets worth more than $600 million in 2020, as part of its capital recycling efforts. This amount fell short of the company’s initial target of $1 billion, set in early 2020 before the pandemic caused a slowdown in deals across various markets and asset classes.
According to CDL, completed divestments include the Ransome’s Wharf site in London, the Cideco Industrial Complex in Singapore, and several strata units at various properties in Singapore such as Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza.
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However, the divestment of the retail and office components of Hong Leong City Center (HLCC), a mixed-use development in Suzhou, is still in progress and expected to be completed in the first quarter of 2021.
In a statement, CDL group CEO Sherman Kwek shared, “The asset divestments reflect our focus on accelerating our capital recycling initiatives. While market conditions have made divestments challenging, we are glad to have achieved good momentum, and we will continue to push forward with our divestment plans.”
“Our aim is to optimize our capital management while strategically aligning our portfolio to maximize shareholder value. As such, we will continue to explore opportunities to divest non-core assets and acquire properties with better growth potential,” he added.
CDL’s share price closed at $5.05 on January 16, recording a 0.2% decline for the day and a 20.97% decline in the past year. The company is also a part of a joint venture with Frasers Property and Sekisui House to develop a new condominium project, The Orie, in Toa Payoh with units priced from $1.28 million.