On 28 September 2026, City Developments Limited (CDL) announced the outcome of its Strategic Review and unveiled GET+, a three-year refreshed strategy for FY2027 to FY2029, aimed at delivering sharper strategic focus, stronger capital discipline and sustainable long-term shareholder returns.

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A Clear Roadmap for Value Creation

Building on the foundation laid by the Group’s initial Growth, Enhancement and Transformation (GET) strategy since 2018, GET+ marks CDL’s next chapter of value creation, with clearer strategic priorities, active portfolio management, measurable financial targets and greater accountability.

GET+ is anchored on a clear “3-4-5-6" execution roadmap, focusing on four sectors – Residential, Commercial, Hospitality and Living – across key geographies.

• 3 years: FY2027 to FY2029
• 4 sectors: Residential, Commercial, Hospitality and Living
• S$5 billion: Targeted investments to support future growth
• S$6 billion: Targeted divestments to recycle capital and unlock value

The strategy also establishes four measurable outcomes focused on shareholder returns, balance sheet strength, value realisation and growth in assets under management (AUM).

Capital Allocation and Portfolio Management

Under GET+, CDL plans to deploy S$5 billion of growth capital across its four core sectors, prioritising markets where it has established expertise and a strong track record. Singapore will remain the Group's primary investment market, while opportunities in China, Japan and other strategic locations will complement future growth plans. To support this, the Group will actively recycle capital from selected mature and non-core assets into higher-growth opportunities. As part of this strategy, CDL plans to exit its non-hotel assets in Australia, including its residential and commercial properties.

A key pillar of GET+ is to unlock embedded value from its portfolio. Over the next three years, the Group aims to realise S$6 billion of divestments to crystallise embedded value and recycle capital from mature, non-core or underperforming assets. Potential pathways include outright divestments and where appropriate, seeding suitable assets into managed vehicles..

The Group will apply a disciplined, returns-driven approach across its portfolio – retaining strategic assets that support recurring income and long-term value, enhancing assets with identifiable upside and recycling capital where value is best realised.

In addition to the divestment proceeds, the Group expects more than S$6 billion of projected cash inflows through to FY2029 from property development sales, supported by future cash collections from contracted sales and its existing development pipeline. These projected cash inflows are in addition to the S$6 billion divestment target.

Strengthening the Hospitality Portfolio

Hospitality will be a major focus area under GET+. CDL's global hospitality portfolio comprises 165 hotels with approximately 48,000 rooms, including 88 owned hotels.

The Group will adopt a tailored approach across its owned hotel portfolio, retaining core assets, enhancing properties with growth potential and selectively divesting assets where value can be optimised. The divestment of mature, non-core or underperforming hotel assets are expected to contribute approximately S$1.8 billion towards the Group's overall divestment target.

Expanding Fund Management Capabilities

GET+ also marks a significant step in growing CDL's fund management platform and third-party capital business.

The Group aims to double its AUM from approximately S$5 billion to S$10 billion by FY2029. To support this ambition, CDL will establish a dedicated fund management platform that will leverage the Group's integrated capabilities across real estate investment, development, asset management and hospitality.

This expanded platform is expected to create additional avenues for capital recycling, strengthen recurring income streams and enhance earnings visibility over the long term.

Looking Ahead

Commenting on the strategy, CDL's Executive Chairman Mr Kwek Leng Beng said, “For over six decades, CDL has built a strong and diversified real estate and hospitality portfolio supported by deep capabilities and quality assets. The Strategic Review builds on these strengths, while sharpening our priorities and setting a clear direction for the group."

CDL's Group Chief Executive Officer Mr Sherman Kwek said, “GET+ marks our next chapter of value creation, with a three-year execution roadmap marked by a sharper focus around where we deploy capital, how we manage our portfolio and where we can unlock value. Through the 3-4-5-6 roadmap and measurable outcomes, we have provided greater accountability for what we need to deliver and our unwavering focus will be on strong execution as we work to strengthen our balance sheet, improve capital productivity and build a higher quality earnings base to maximise shareholder value.”

CDL will provide regular updates on the implementation of GET+ and its progress against the strategy's key financial and operational targets through its ongoing financial reporting and investor communications.

For more details, please click here for the press release and full presentation slides.