City Developments Ltd (CDL) achieved total divestments of more than S$600 million in 2024 as part of its capital recycling initiative, announced the real estate company in a bourse filing on Thursday (Jan 16).
The completed divestments include the Ransome’s Wharf site in London and the freehold eight-storey industrial building Cideco Industrial Complex in Singapore.
The company also divested various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore.
It added that the divestment of the retail and office components of Hong Leong City Center (HLCC), a mixed-use development in Suzhou, is under contract and 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 is located in the Suzhou Industrial Park. It comprises two residential towers, one tower of Soho apartments, a 32,101 square metre Grade A office tower, a 56,530 square metre retail mall, and a 294-room lifestyle hotel flagged as M Social Suzhou.
Sherman Kwek, CDL’s 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 down 0.2 per cent, or S$0.01, at S$5.05 on Thursday, before the announcement.
