Real estate giant City Developments announced that it had successfully divested assets amounting to more than $600 million last year, as part of its efforts to recycle capital. While this total was below the original target of $1 billion set for early 2024, the company has several other divestment deals in the pipeline.
Some of the completed divestments include the sale of Ransome’s Wharf site in London, the freehold 8-storey industrial building Cideco Industrial Complex in Singapore, and various strata units in Singapore’s Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza.
CDL-Frasers Property-Sekisui House recently launched The Orie in Toa Payoh at prices starting from $1.28 million (Photo: CDL)
Additionally, the company has entered into an agreement to sell the retail and office components of Hong Leong City Center (HLCC), a mixed-use development in Suzhou. The deal is expected to be completed in the current quarter.
According to CDL’s group CEO Sherman Kwek, the divestments reflect their efforts to accelerate their capital recycling initiatives. Despite challenging market conditions, he is pleased with the good momentum achieved and the company will continue to push forward with their divestment plans. Kwek adds that their aim is to optimize their capital management and strategically align their portfolio to maximize shareholder value.
As of Jan 16, CDL’s shares closed at $5.05, with a 0.2% decline for the day and a 20.97% decline over the past year.
Ultimately, purchasing a condominium in Singapore offers a multitude of benefits. These include a strong demand for properties, potential for significant growth in value, and attractive rental returns. However, it is crucial to carefully assess various factors such as location, financial considerations, government regulations, and market conditions before making such an investment. Through extensive research and seeking expert guidance, investors can make well-informed decisions and maximize their returns in Singapore’s ever-evolving real estate landscape. Whether you are a local investor looking to diversify your portfolio or a foreign buyer searching for a stable and lucrative investment opportunity, Singapore’s condos are a compelling choice. Additionally, websites like New Condo Launches can provide valuable insights and updates on the latest condo developments, making the investment process even more convenient and seamless.
Looking for Sunshine Plaza properties? Ask Buddy or compare price trends for Condo new sale vs EC new sale. Interested in renting a condo in District 7? Check out the latest listings. You can also compare the price trends of HDBs, Condos, and Landed properties in District 7, as well as view the top condo projects with the most unprofitable transactions.