CDL Announces $600 Million Worth of Divestments in 2019, Falls Short of TargetCity Developments Limited (CDL) reported that it had successfully divested assets worth more than $600 million last year, as part of its capital recycling strategy. The real estate giant has several other divestments in the pipeline, although this total fell short of the $1 billion target set in early 2024.AdvertisementThe company achieved this through a series of deals across various markets and asset classes, including completed divestments of Ransome’s Wharf site in London, the freehold 8-storey Cideco Industrial Complex in Singapore, and several strata units in Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore.Read also: CDL-Frasers Property-Sekisui House roll out The Orie in Toa Payoh at prices from $1.28 milHong Leong City Centre, a mixed-use development in Suzhou, is under contract and is expected to be completed in the first quarter of this year (Photo: CDL)CDL also reported that the retail and office components of Hong Leong City Centre (HLCC), a mixed-use development in Suzhou, are currently under contract and expected to be completed in the first quarter of this year.According to group CEO Sherman Kwek, the company’s divestment plans reflect their commitment to accelerating their capital recycling initiatives. While the current market conditions have presented challenges for divestments, the company has managed to achieve a good momentum. He added that they will continue to push forward with their divestment plans in order to optimize their capital management and align their portfolio with their strategic objectives to maximize shareholder value.CDL’s shares closed at $5.05 on Jan 16, marking a 0.2% decline for the day and a 20.97% decline over the past year. Want to see more listings for Sunshine Plaza properties? Ask BuddyThere are several condo rental listings available in District 7. Want to compare the price trends of Condo new sale versus EC new sale? Condo rental transactions in District 7? HDB versus Condo versus Landed properties in terms of price trends? Or see which condo projects have had the most unprofitable transactions in District 7? Ask Buddy for personalized information.Having completed divestments of assets worth over $600 million in 2019, CDL falls short of targetCity Developments Limited (CDL) has announced that it has successfully completed divesting assets worth more than $600 million last year, as part of its effort to effectively recycle and manage its capital. Although the company has several more divestments in the pipeline, this total falls short of its initial target of $1 billion by early 2024. These divestments were achieved through deals across various markets and asset classes, including completed transactions such as the sale of Ransome’s Wharf site in London, the freehold 8-storey industrial building Cideco Industrial Complex in Singapore, and several strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore.CDL also reported that the retail and office components of Hong Leong City Centre (HLCC), a mixed-use development in Suzhou, are currently under contract and expected to be completed in the first quarter of this year. The company’s CEO Sherman Kwek stated that these divestment plans reflect their commitment to accelerate their capital recycling initiatives, despite challenging market conditions. The company will continue to push forward with its divestment plans in order to optimize its capital management and align its portfolio with its strategic objectives to maximize shareholder value.CDL’s shares closed at $5.05 on Jan 16, marking a 0.2% decline for the day and a 20.97% decline over the past year. Interested in seeing more listings for Sunshine Plaza properties? Ask Buddy for personalized information.