CDL divests over $600 million of assets in 2024, including Suzhou project
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The divestment of the retail and office components of Hong Leong City Centre in Suzhou is slated for completion this quarter.
PHOTO: CITY DEVELOPMENTS
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SINGAPORE – City Developments Limited (CDL) achieved total divestments of more than $600 million in 2024 as part of its capital recycling initiative, the real estate company said in a bourse filing on Jan 16.
The completed divestments include a Ransome’s Wharf site in London and freehold eight-storey industrial building Cideco Industrial Complex in Singapore. Strata units in Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore were also divested.
It said the divestment of the retail and office components of Hong Leong City Centre (HLCC), a mixed-use development in Suzhou, is slated for completion this quarter. The group has received the first payment, or 15 per cent of the sale consideration, from the purchaser, a private equity investment fund established in Suzhou, it said.
Completed in 2018, HLCC, which is located in Suzhou Industrial Park, includes residential towers, a Grade A office tower, a retail mall and a hotel flagged as M Social Suzhou.
Mr Sherman Kwek, CDL group chief executive officer, said: “While market conditions have made divestments challenging, we are glad to have achieved good momentum and we will continue to push forward with our divestment plans.”
The group noted that it continues to advance its capital recycling initiatives, with several other divestments in the pipeline.
Shares of CDL closed 1 per cent higher at $5.10 on Jan 17. THE BUSINESS TIMES
