# Sherman Kwek maps out CDL’s next three years: $5 bil to invest, $6 bil to divest - **Source:** EdgeProp Singapore - **Published:** 2026-10-02T02:00:00.000Z - **Author:** Cecilia Chow - **Original:** https://www.edgeprop.sg/property-news/sherman-kwek-maps-out-cdls-next-three-years-5-bil-invest-6-bil-divest - **Topics:** Private Residential, Commercial & Industrial, New Launches ## Featured rationale The strategy signals continued confidence in Singapore while recycling underperforming assets, potentially supporting new land acquisitions and replenishing CDL’s 2,200-unit launch pipeline. ## AI summary CDL plans $5 billion of investments and at least $6 billion of divestments over FY2027–FY2029, allocating 60% of new capital to Singapore. ## Original article Singapore-listed City Developments Ltd (CDL) intends to launch its high-rise condo in Shanghai’s Xintiandi in December. The luxury development will have 70 apartments, each measuring at least 400 sq m (4,306 sq ft). A further 75 homes will be villas ranging from 250 sq m to 700 sq m, bringing the total to 145. The villas will be released in phases next year. “These are going to be real trophy and iconic assets,” says CDL group CEO Sherman Kwek, at the company’s strategic review briefing on Sept 28. Read also: How Andrea De Cruz’s liver transplant changed the way she cooks at home — using V-ZUG CDL acquired the 27,994 sq m (about 301,325 sq ft) site in November 2024 for RMB8.94 billion ($1.66 billion at the time) through a 51:49 joint venture with Lianfa Group, whose controlling shareholder is the state-owned Xiamen C&D Group. CDL holds the 51% stake and is the lead developer. In addition to luxury homes, the mixed-use development will include a boutique hotel and retail space. The site is in Shanghai’s Huangpu district, within walking distance of Xintiandi and Taipingqiao Park. Kwek calls it the “last remaining prime piece of land in Xintiandi”. While China’s housing market is in its fifth year of decline, pockets of resilience remain in first-tier cities. Shanghai’s new home prices have risen for 12 of the past 13 months, the longest run among China’s first-tier cities, according to National Bureau of Statistics data cited by Nicholas Spiro in the South China Morning Post on Sept 14. Demand for luxury homes remains strong in Shanghai’s prime districts, says Kwek, and Huangpu is “arguably one of the most desirable districts”. On Sept 28, Shanghai issued implementation guidelines for national housing sale rules announced a month earlier. For residential sites whose land sale announcements were issued after Aug 28, developers are encouraged to sell completed homes. Those that choose to pre-sell must first complete the main structure of the building before launching units for sale. That could push project launches to one to two years after a site is acquired, compared with about six to 10 months previously. Read also: Christie's International Real Estate enters mainland China with Shanghai agency However, CDL is still targeting to launch its Xintiandi project before end of the year. “China’s real estate market is not in good shape. It’s under tremendous pressure, but there are still opportunities to be had,” says Kwek. Sticking with GET Xintiandi is one of several property bets under GET+, the refreshed three-year strategy unveiled at the briefing. It builds on the original GET strategy — Growth, Enhancement and Transformation — which Kwek introduced in 2018 after becoming CDL’s CEO. Under GET+, CDL plans to make $5 billion of new investments and divest at least $6 billion of assets over FY2027 to FY2029. Of the new investment target, 60% will go to Singapore, 30% to China and Japan, and 10% to other markets. “It’s not good to be exposed and fully concentrated in one market, no matter how strong you are in that market,” says Kwek. The investments will span four sectors: residential, commercial, hospitality and living, including rental housing such as the private rented sector (PRS), student accommodation and senior housing. The market response was muted. CDL’s share price closed at $7.39 on Sept 30, down 10.5% from $8.26 before the strategic review was announced. CDL, however, is taking a three-year view, and whether GET+ delivers will ultimately depend on execution. As Kwek said several times during the briefing: “The proof will be in the pudding.” Read also: CDL’s Lucerne Grand draws 4,000 visitors over preview weekend Kwek says CDL had considered replacing the GET strategy altogether, despite his having introduced it in 2018. Instead, after a year-long review, the group retained “its three pillars” while adding specific investment and divestment targets. Under its GET strategy, CDL has sold more than 15,000 homes worth over $26 billion since 2018. It has also completed five major asset enhancement initiatives (AEIs), including those at Republic Plaza, where its headquarters is located, City Square Mall and Palais Renaissance in Singapore, and Jungceylon Shopping Center in Phuket, Thailand. Banking on China Kwek acknowledges that China’s inclusion in the investment plan is likely to raise eyebrows, describing it as “very much an opportunity bet”. For the upcoming launch of the Xintiandi development, Kwek expects most buyers to be wealthy Shanghai residents. Buyers without Shanghai household registration must meet local residency, tax or social-security requirements, while foreign buyers are subject to separate eligibility rules. He expects the 145 homes to generate “no less than RMB15 billion in sales value”, if all are sold. “Currently, a lot of our hopes and expectations ride on our Xintiandi project in Shanghai,” he says. He has taken his cue from nearby launches. In October 2024, Shui On Land launched the first phase of its Lakeville 6 residential project, facing Taipingqiao Lake in Xintiandi. All 108 units in the first phase, with a total gross floor area of 57,000 sq m, were taken up on launch day, generating RMB12 billion. Land in Shanghai is costly. “One piece of land there can easily cost $2 billion and above,” says Kwek. CDL was previously the sole developer of its projects in Chongqing and Suzhou. “Going forward, it will be more partnership-driven,” says Kwek. If Xintiandi performs well, CDL intends to pursue more projects with Lianfa Group. Asked about the downside if the project underperformed, Kwek said: “If the project doesn’t sell well or tanks or something, then there’s not going to be a lot of confidence for management, especially for the board to approve future investments.” In FY2020, CDL took a $1.78 billion impairment on its investment in Chongqing-based Sincere Property Group. Exiting Australia’s non-hotel assets CDL entered Australia in 2015 and has since undertaken several developments, including the Brickworks Park master-planned residential development in Brisbane, build-to-rent residential projects in Brisbane and Melbourne, and Zenith Residences in Sydney. “It’s not a market that’s worked out too well for us, and we’ve been unable to build scale,” says Kwek. CDL intends to divest its residential and commercial assets in Australia. That includes its 50% stake in the office tower at 330 Collins Street in Melbourne, which it co-invested alongside a fund in which CDL also has a stake. “We have to ensure that it’s an orderly exit, so that we obtain the right exit price for the building,” says Kwek. CDL will, however, keep its Australian hotels, such as Sofitel Brisbane Central, which it acquired in 2023, and the hotels in Brisbane and Perth held under CDL Hospitality Trusts. Singapore: $3 bil for land and 2,200 homes in pipeline About $3 billion (60%) of the new investment budget is earmarked for Singapore, which Kwek calls “business as usual”. The money will go into Government Land Sales (GLS), collective sales and off-market deals, though acquisitions will be “primarily GLS-driven”. CDL’s current launch pipeline stands at 2,200 units after it won sites at Tanjong Rhu Road and Peck Hay Road this year. The next test comes this weekend, on Oct 3, with the launch of the 570-unit Lucerne Grand at Lakeside Drive in Jurong West. “If that substantially depletes our launch pipeline, then it’s time for us to replenish it,” says Kwek. The rest of the pipeline comprises Tanjong Rhu Road, with about 515 units; Peck Hay Road, with about 380 units; and two executive condos, Solano Grand, with about 300 units, and Wynwood Grand, with about 430 units. “In Singapore, no one can predict with a crystal ball how many land sales we can win in a year,” he says. While CDL has raised its return targets for overseas investments, it has moderated its return expectations for Singapore land bids. “If you’re going to have very high expectations and targets,” Kwek says of Singapore, “I may end up losing every single GLS tender.” Redeveloping its own assets CDL has another source of land: its own buildings. The 336-unit Union Square Residences is part of a mixed-use development that includes offices, retail and co-living components. It is a redevelopment of the former Central Mall and Central Square. Newport Plaza, another mixed-use development with residences, offices, retail and serviced apartments, is targeted for completion next year. It is a redevelopment of the former Fuji Xerox Towers. Two more assets are under study. CDL bought Delfi Orchard through a collective sale for $439 million in May 2024. The site sits next to its Orchard Hotel and Claymore Connect, and could be redeveloped together under the Strategic Development Incentive Scheme. City House, which Kwek calls “our venerable iconic office building in the CBD”, could qualify for the CBD Incentive Scheme. He has no intention of undertaking too many redevelopments at once. Redeveloping an existing building means giving up its rental income while taking on development loans. “We don’t want too much happening at the same time. Otherwise it will put a lot of strain on us,” he says. Rental housing as seed assets CDL has also built up a living sector portfolio with a total gross development value of $3.7 billion, including pipeline projects. It comprises 5,240 PRS units across Japan, Singapore, the UK and Australia, and 2,368 purpose-built student accommodation (PBSA) beds in the UK. The portfolio was built partly with fund management in mind. “It was also meant to form our seed assets for the fund management business, and that is still the case,” says Kwek. Under GET+, CDL plans to sell suitable assets into funds and other vehicles it manages as it aims to double its assets under management from about $5 billion to $10 billion by FY2029. When it does, Kwek prefers to hold no more than 20% of the fund, “so it will be a real divestment”. Japan is the strongest performer, with 2,246 units. “We have 40 operational PRS or multifamily assets in Japan, and they are doing really well for us, so there may be further expansion on that front,” he says. In Singapore, recent additions include a standalone 35-storey serviced apartment tower at Zyon Grand under the SA2 long-stay serviced apartment category, which has a minimum stay of three months, and serviced apartments at Newport Plaza. Not all the assets are ready to be sold into funds. “Some of them, we may have to nurture for a bit longer, and stabilise over a period of time before we eventually turn it into a fund management vehicle,” says Kwek. In the UK, CDL has 1,505 PRS units and 2,368 PBSA beds. The portfolio came under pressure when interest rates were high, and CDL is continuing to review it. Hotel portfolio: Keep, fix or sell The biggest review was of CDL’s hotel portfolio. Of the group’s 88 owned hotels, 54 are directly held by CDL and valued at about $8.6 billion. “We went through every single hotel,” says Kwek. The directly held portfolio has been split into three groups. About $5 billion worth of hotels will be retained, around $1.8 billion will be enhanced through renovation or redevelopment, and another $1.8 billion will be divested. The exercise reflects GET+’s broader push to distinguish between assets CDL intends to hold and enhance, and those where capital can be recycled. Freeing up trapped capital Kwek says the group has identified more than $6 billion of potential divestments, giving it scope to exceed its $6 billion target. But he will not sell at any price. This year, he says, CDL had several potential sales in hand but chose not to proceed. “I would be leaving money on the table,” he says. Of the $6 billion divestment target, commercial assets make up 45% and hotels 30%. Legacy residential assets, including an $800 million UK portfolio, account for 20%, while living assets make up 5%. According to Kwek, legacy residential assets include some in Singapore, such as the 59 units CDL still holds at the 110-unit freehold Cliveden at Grange, completed in 2011. “Even in Singapore, we have some legacy residential that we need to get going when it comes to recycling the capital that’s been trapped there for quite a while,” he says. In December 2023, CDL sold the loss-making Millennium Harvest House in Boulder, Colorado, for $94.4 million and recognised an $80 million gain. According to Kwek, the buyer intended to convert the property into student housing. What keeps him going At the end of the two-hour briefing, an analyst asked Kwek what still motivates him to lead CDL despite the scrutiny that comes with the job. Kwek pointed to his grandfather, Hong Leong Group founder Kwek Hong Png. “I think I’ve always been driven by the fact that I want to perpetuate the legacy, our family legacy,” he says. “My grandfather had a very deep and meaningful influence on me when I was growing up.” When Republic Plaza was refurbished, Kwek turned part of the ground floor into a founder’s gallery depicting his grandfather’s life and how he built up Hong Leong Group and CDL. In 2018, when he was 42 and a new CEO, Kwek said: “We cannot rest on our laurels. A lot needs to be done, especially in this day and age of disruption and innovation.” He now adds: “I used to think that career was everything in life, and the be-all and end-all. But after you start having a family and kids, you realise that there are other aspects of life as well.” He admits he is “still unable to strike a work-life balance”. But his sense of responsibility to the family legacy remains — and with it, his commitment to CDL. ## Chinese translation > Translation model: openai_codex_cli ### Sherman Kwek勾勒CDL未来三年规划：投资50亿新元，出售60亿新元资产 CDL将把其50亿新元投资目标的60%分配给新加坡，30%分配给中国和日本，10%分配给其他市场。 新加坡上市公司City Developments Ltd（CDL）计划于12月推出其位于上海新天地的高层公寓。该豪华项目将有70套公寓，每套面积至少400平方米（4,306平方英尺）。 另有75套住宅为别墅，面积从250平方米至700平方米不等，使总数达到145套。别墅将于明年分阶段推出。 “这些将会是真正的奖杯级和标志性资产，”CDL集团首席执行官Sherman Kwek在9月28日公司的战略评估简报会上说。 另读：Andrea De Cruz的肝移植如何改变她在家烹饪的方式——使用V-ZUG CDL于2024年11月通过与联发集团51:49的合资企业，以人民币89.4亿元（当时为16.6亿新元）购入这幅27,994平方米（约301,325平方英尺）的地块，联发集团的控股股东为国有企业厦门建发集团。CDL持有51%股权，并担任牵头开发商。 除豪华住宅外，该综合用途项目还将包括一家精品酒店和零售空间。该地块位于上海黄浦区，步行可达新天地和太平桥公园。Kwek称其为“新天地最后一块剩余的优质地块”。 尽管中国住宅市场已进入第五年下行，一线城市仍有一些韧性板块。根据Nicholas Spiro于9月14日在South China Morning Post引用的国家统计局数据，上海新房价格在过去13个月中有12个月上涨，是中国一线城市中持续时间最长的一轮上涨。 Kwek表示，上海核心区域豪宅需求依然强劲，而黄浦“可以说是最令人向往的区之一”。 9月28日，上海发布了一个月前公布的全国住房销售规则的实施指引。对于土地出让公告在8月28日之后发布的住宅用地，鼓励开发商销售现房。选择预售的开发商，必须先完成建筑主体结构，方可推出单位销售。 这可能把项目推出时间推迟至拿地后一至两年，相比此前约六至十个月有所延后。 另读：Christie's International Real Estate携上海代理机构进入中国大陆 不过，CDL仍目标在年底前推出其新天地项目。“中国房地产市场状况不好。它承受着巨大压力，但仍然存在机会，”Kwek说。 坚持GET 新天地是GET+下若干房地产押注之一，GET+是在简报会上公布的更新版三年战略。它建立在原有GET战略之上，即Growth、Enhancement and Transformation；Kwek在2018年出任CDL首席执行官后推出了该战略。 在GET+之下，CDL计划在2027财年至2029财年作出50亿新元新投资，并出售至少60亿新元资产。在新投资目标中，60%将投向新加坡，30%投向中国和日本，10%投向其他市场。“无论你在一个市场多么强大，过度暴露并完全集中于一个市场都不是好事，”Kwek说。 投资将覆盖四个领域：住宅、商业、酒店与生活类资产，包括私人租赁住宅（PRS）、学生宿舍和养老住房等租赁住房。 市场反应平淡。CDL股价于9月30日收于7.39新元，较战略评估公布前的8.26新元下跌10.5%。 不过，CDL采取的是三年视角，而GET+能否交付，最终将取决于执行。正如Kwek在简报会上多次所说：“布丁好不好，吃了才知道。” 另读：CDL的Lucerne Grand预览周末吸引4,000名访客 Kwek表示，CDL曾考虑完全替换GET战略，尽管该战略是他于2018年推出的。相反，在为期一年的评估后，集团保留了“其三大支柱”，同时加入具体的投资和出售目标。 在GET战略下，CDL自2018年以来已售出超过15,000套住宅，总值逾260亿新元。它还完成了五项重大资产提升计划（AEIs），包括其总部所在的Republic Plaza、新加坡的City Square Mall和Palais Renaissance，以及泰国普吉岛的Jungceylon Shopping Center。 押注中国 Kwek承认，将中国纳入投资计划可能会引发质疑，并形容这是“非常具有机会性质的押注”。 对于即将推出的新天地项目，Kwek预计多数买家将是富裕的上海居民。没有上海户籍的买家必须符合当地居住、纳税或社保要求，而外国买家则须遵守单独的资格规定。 他预计，如全部售出，这145套住宅将带来“不低于人民币150亿元的销售额”。 “目前，我们很多希望和期待都寄托在上海新天地项目上，”他说。 他的判断来自附近项目。2024年10月，瑞安房地产推出其位于新天地、面向太平桥湖的Lakeville 6住宅项目第一期。第一期全部108个单位，总建筑面积57,000平方米，在开盘当天售罄，带来人民币120亿元销售额。 上海土地成本高昂。“那里一块地很容易就要20亿新元及以上，”Kwek说。 CDL此前是其重庆和苏州项目的唯一开发商。“未来会更加以合作伙伴关系为导向，”Kwek说。如果新天地表现良好，CDL计划与联发集团开展更多项目。 当被问及若项目表现不佳的下行风险时，Kwek说：“如果这个项目卖得不好，或者崩盘之类的，那么管理层，尤其是董事会，对于批准未来投资就不会有太多信心。” 2020财年，CDL对其在重庆协信远创实业的投资计提17.8亿新元减值。 退出澳大利亚非酒店资产 CDL于2015年进入澳大利亚，此后开展了多个开发项目，包括布里斯班的Brickworks Park总体规划住宅开发项目、布里斯班和墨尔本的建后出租住宅项目，以及悉尼的Zenith Residences。 “这不是一个对我们来说发展得太好的市场，我们也一直无法形成规模，”Kwek说。 CDL计划出售其在澳大利亚的住宅和商业资产。这包括其在墨尔本330 Collins Street办公楼的50%股权，该办公楼是CDL与一只基金共同投资的，CDL也持有该基金的权益。 “我们必须确保这是一次有序退出，以便我们为这栋大楼取得合适的退出价格，”Kwek说。 不过，CDL将保留其澳大利亚酒店，例如其于2023年收购的Sofitel Brisbane Central，以及CDL Hospitality Trusts旗下位于布里斯班和珀斯的酒店。 新加坡：30亿新元用于土地及2,200套住宅储备 约30亿新元（60%）的新投资预算预留给新加坡，Kwek称之为“照常经营”。资金将投向政府售地（GLS）、集体出售和场外交易，不过收购将“主要由GLS驱动”。 在今年赢得Tanjong Rhu Road和Peck Hay Road地块后，CDL当前推出管线为2,200个单位。 下一个考验将在本周末10月3日到来，即位于Jurong West Lakeside Drive、拥有570个单位的Lucerne Grand推出市场。 “如果这大幅消耗我们的推出管线，那么就是时候补充了，”Kwek说。 管线的其余部分包括Tanjong Rhu Road，约515个单位；Peck Hay Road，约380个单位；以及两个执行共管公寓项目Solano Grand，约300个单位，和Wynwood Grand，约430个单位。 “在新加坡，没有人能用水晶球预测我们一年能赢得多少宗土地招标，”他说。 虽然CDL提高了海外投资的回报目标，但已调低其对新加坡土地竞标的回报预期。 “如果你对新加坡抱有非常高的期望和目标，”Kwek说，“我最终可能会输掉每一宗GLS招标。” 重建自有资产 CDL还有另一个土地来源：自有建筑。拥有336个单位的Union Square Residences是一个综合用途开发项目的一部分，该项目包括办公、零售和共居组成部分。它是由前Central Mall和Central Square重建而成。 Newport Plaza是另一个包含住宅、办公、零售和服务式公寓的综合用途开发项目，目标于明年竣工。它是由前Fuji Xerox Towers重建而成。 另有两项资产正在研究中。CDL于2024年5月通过集体出售以4.39亿新元购入Delfi Orchard。该地块毗邻其Orchard Hotel和Claymore Connect，并可根据Strategic Development Incentive Scheme一并重建。 City House被Kwek称为“我们在CBD受人敬重的标志性办公楼”，可能符合CBD Incentive Scheme资格。 他无意同时进行过多重建。重建现有建筑意味着放弃其租金收入，同时承担发展贷款。 “我们不希望太多事情同时发生。否则会给我们带来很大压力，”他说。 租赁住房作为种子资产 CDL还建立了一个生活类资产组合，包括管线项目在内，总发展价值为37亿新元。 该组合包括分布于日本、新加坡、英国和澳大利亚的5,240个PRS单位，以及英国的2,368个专建学生宿舍（PBSA）床位。 该组合的建立部分是出于基金管理考虑。“它也意在成为我们基金管理业务的种子资产，而且现在仍然如此，”Kwek说。 在GET+之下，CDL计划将合适资产出售给其管理的基金和其他工具，目标是到2029财年将管理资产规模从约50亿新元翻倍至100亿新元。 届时，Kwek倾向于持有基金不超过20%，“这样才会是真正的出售”。 日本表现最强，拥有2,246个单位。 “我们在日本有40项已运营的PRS或多户型住宅资产，它们为我们表现非常好，因此这方面可能会进一步扩张，”他说。 在新加坡，近期新增项目包括Zyon Grand一座独立35层服务式公寓楼，归类于SA2长期住宿服务式公寓类别，最低住宿期为三个月，以及Newport Plaza的服务式公寓。 并非所有资产都已准备好出售给基金。 “其中一些，我们可能需要再培育一段时间，并在一段时间内稳定下来，之后才最终将其转化为基金管理工具，”Kwek说。 在英国，CDL拥有1,505个PRS单位和2,368个PBSA床位。该组合在利率高企时期承压，CDL正继续评估。 酒店组合：保留、修复或出售 最大规模的评估是针对CDL的酒店组合。在集团拥有的88家酒店中，54家由CDL直接持有，估值约86亿新元。 “我们逐一审视了每一家酒店，”Kwek说。 直接持有的组合已被分为三组。价值约50亿新元的酒店将被保留，约18亿新元将通过翻新或重建提升，另有18亿新元将被出售。 这项工作反映了GET+更广泛的推动方向，即区分CDL拟持有并提升的资产，以及可用于资本循环的资产。 释放被困资本 Kwek表示，集团已识别出超过60亿新元的潜在出售项目，使其有空间超过60亿新元目标。 但他不会以任何价格出售。他说，今年CDL手上有几项潜在出售交易，但选择不推进。“那样我会把钱留在桌上，”他说。 在60亿新元出售目标中，商业资产占45%，酒店占30%。传统住宅资产，包括一个8亿新元的英国组合，占20%，而生活类资产占5%。 Kwek表示，传统住宅资产包括一些位于新加坡的资产，例如CDL仍持有的Cliveden at Grange 59个单位；该永久地契项目共有110个单位，于2011年竣工。 “即便在新加坡，我们也有一些传统住宅资产，在循环被困已久的资本方面需要推动起来，”他说。 2023年12月，CDL以9,440万新元出售位于科罗拉多州博尔德、处于亏损状态的Millennium Harvest House，并确认8,000万新元收益。Kwek表示，买方计划将该物业改造成学生住房。 支撑他前行的动力 在两小时简报会结束时，一名分析师问Kwek，尽管这份工作伴随着审视，是什么仍激励他领导CDL。 Kwek提到了他的祖父、Hong Leong Group创办人Kwek Hong Png。 “我认为，我一直受到一种事实驱动，那就是我想延续这份传承，我们的家族传承，”他说。“我成长过程中，祖父对我有非常深刻而有意义的影响。” Republic Plaza翻新时，Kwek将底层的一部分改造成创办人展廊，展示其祖父的一生，以及他如何建立Hong Leong Group和CDL。 2018年，当他42岁并刚担任首席执行官时，Kwek说：“我们不能躺在功劳簿上。还有很多事情需要完成，尤其是在这个颠覆与创新的时代。” 他现在补充说：“我过去以为事业就是人生的一切，是全部和终极目标。但当你开始拥有家庭和孩子后，你会意识到生活还有其他方面。” 他承认自己“仍无法取得工作与生活的平衡”。但他对家族传承的责任感仍在，并伴随着他对CDL的承诺。