City Developments Limited (CDL) has announced a strategic plan to unlock $6 billion in mature and non-core assets by 2029, scaling up its fund management platform and targeting an annual dividend payout of over 35 per cent. The Singapore-based property and hotel group detailed the three-year roadmap, dubbed GET+, following a strategic review initiated after leadership tensions in 2025.
Capital Recycling and Asset Divestment Targets
Under the GET+ strategy running from 2027 to 2029, CDL aims to free up $6 billion through divestment, securitisation, or optimisation. The targeted asset mix consists of 45 per cent commercial assets, 30 per cent hospitality, 20 per cent legacy residential and other assets, and 5 per cent from the living sector.
CDL executive chairman Kwek Leng Beng stated that the review sharpens the group’s priorities and establishes a clear direction. Chief executive officer Sherman Kwek added that the roadmap offers greater accountability as the company works to strengthen its balance sheet, improve capital productivity, and build a higher-quality earnings base.
The strategic review was first announced at the group’s earnings briefing in February 2026. Global advisory firm Teneo was engaged in September 2025 to assist with the assessment. Sherman Kwek noted that the review was timely following internal governance disputes between him and his father in early 2025, which were subsequently resolved by August 2025. CDL accelerated its capital recycling efforts during this period, generating $2 billion in contracted divestments in 2025, including the sale of Quayside Isle@Sentosa Cove in February 2026.
Redeploying Capital Through the GET+ Growth Strategy
Alongside the $6 billion divestment target, CDL expects to generate more than $6 billion in projected cash inflows through to financial year 2029 from property development sales and contracted pipelines.
The group plans to deploy $5 billion in growth capital across four core sectors in markets where it holds established capabilities and local knowledge. Singapore remains the primary market, accounting for 60 per cent of the deployment. China and Japan will absorb 30 per cent, while other markets will account for the remaining 10 per cent.
Hospitality serves as a primary pillar of the GET+ framework. CDL plans to sell approximately $1.8 billion worth of hotels by FY2029, representing 30 per cent of its total divestment target. The group’s global hospitality footprint spans 165 hotels with roughly 48,000 rooms, including 88 owned properties. Among these, 54 hotels—valued at around $8.6 billion—are directly held by CDL, excluding assets under CDL Hospitality Trusts and Millennium and Copthorne Hotels New Zealand Limited.
Financial Targets and Fund Management Expansion
CDL has outlined specific quantitative goals to be achieved by financial year 2029 under the GET+ framework:
* Dividend Payout: An annual dividend payout exceeding 35 per cent of reported profit after tax and minority interests (PATMI) over FY2027 to FY2029.
* Net Gearing: A target net gearing ratio of 55 per cent by FY2029.
* Divestment Gains: More than $1 billion in PATMI realized from divestment gains.
* Assets Under Management: Expansion of assets under management (AUM) to $10 billion by FY2029, up from $5 billion as of June 30, 2026.
To support this expansion, fund management will play an increasingly vital role in CDL’s capital model. The company intends to scale its existing and new listed real estate investment trust (Reit) platforms alongside an expanded private capital platform encompassing funds, strategic partnerships, and joint ventures.