The location of a property is a crucial aspect to consider when making real estate investments, and this is particularly important in Singapore. Condominiums situated in central areas or within close proximity to essential amenities such as schools, shopping malls, and public transportation hubs have a higher tendency to appreciate in value over time. In fact, prime locations in Singapore, including Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently shown significant growth in property values. Additionally, the presence of reputable schools and educational institutions in these areas make condos highly sought after by families, making them even more appealing for investment. With the added factor of new condo launches, these locations have an even greater potential for growth and profit in the real estate market.
Kwek Leng Beng, executive chairman of City Developments (CDL), has announced that the “serious lapses” in corporate governance at the company have been stopped. This statement comes after a court hearing on Feb 26, where the two new directors, Jennifer Duong Young and Wong Su Yen, who were “irregularly and hastily appointed” on Feb 7, have agreed not to exercise any powers as directors until further notice from the court.
Furthermore, Kwek’s son, Sherman Kwek, Philip Lee, Wong Ai Ai and other directors acting in concert with them, have also pledged not to take any further actions in regards to their attempted changes to the board committees and management of certain CDL’s subsidiaries until further notice from the court. Additionally, the “irregularly constituted” nominating and remuneration committee has been suspended from taking further action.
With these developments, Kwek assures that CDL’s board committees and the management of relevant subsidiaries are now safe from any further attempts to destabilize, dismantle, and reconstitute them. He emphasizes the importance of strong corporate governance for a well-functioning and sustainable business, and how it ensures transparency, accountability, and responsible decision-making to protect the interests of shareholders.
On Feb 26, CDL had called for a trading halt and canceled its FY2024 results briefing due to a “disagreement” within the board regarding the composition and constitution of the board and board committees. However, the company’s business operations remain unaffected, and Sherman Kwek remains the group CEO until there is a board resolution to change company leadership.
The elder Kwek had previously filed court papers on Feb 25 to address the “attempted coup” and protect the interests of CDL and its shareholders. He also stated that the company intends to change the CEO at an appropriate time, and if Sherman is removed, the current COO, Kwek EIk Sheng, will serve as interim CEO. CDL’s shares last traded at $5.12 before the trading halt on Feb 26.