CDL shares dip 6% after strategic review release

[SINGAPORE] Shares of City Developments Limited (CDL) fell more than 6 per cent on Monday (Sep 28) after the release of its strategic review.

The counter declined 4.2 per cent in early trade, before falling further to S$7.75 as at 9.17 am, down 6.1 per cent. CDL shares rebounded to S$7.89 as at 9.40 am, still trading 4.5 per cent or S$0.37 lower.

The property giant said on Monday that it intends to deploy S$5 billion in growth capital and target S$6 billion in divestments across its portfolio over the next three years.

It is part of a “refreshed” strategy to improve strategic focus and long-term shareholder value.

In April 2025, CDL shares declined to a low of S$4.35, in the wake of a boardroom fight between executive chairman Kwek Leng Beng and his son Sherman Kwek, who is group CEO.

This came after an attempted coup by the younger Kwek in February last year, where the executive chairman later took his son to court, in a bid to consolidate control of the board and the group.