CDL had indicated a target of $1 billion early last year

City Developments has announced it has divested assets worth more than $600 million last year as part of its capital recycling moves, with several other more in the pipeline.

This total fell short of the company's $1 billion target indicated in early 2024, before the volume of deals across most markets and asset classes withered off.

Completed divestments include the Ransome’s Wharf site in London, the freehold 8-storey industrial building Cideco Industrial Complex in Singapore, as well as various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore. 

The divestment of the retail and office components of Hong Leong City Center (HLCC), a mixed-use development in Suzhou, is under contract and slated for completion this quarter.

“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," says group CEO Sherman Kwek.

"We aim to optimise our capital management while holistically calibrating our portfolio to ensure alignment with our strategic objectives and to maximise shareholder value," he adds.

CDL shares closed at $5.05 on Jan 16, down 0.2% for the day and down 20.97% in the past one year.