City Developments Ltd unveils GET+ strategy to double assets under management

City Developments Ltd (CDL) has unveiled GET+, a three-year strategic plan spanning fiscal years 2027 to 2029. The initiative aims to drive capital recycling and recurring fee income by doubling assets under management (AUM) from S$5 billion to S$10 billion. To support this, the company plans to hire a dedicated fund management CEO.

The strategy includes S$5 billion in new investments—with 60% allocated to Singapore and 30% to China and Japan—and S$6 billion in planned divestments across commercial, hospitality, and residential sectors. Key financial targets include maintaining a dividend payout of at least 35% of reported profit and reducing net gearing to approximately 55% by FY2029.

Despite the announcement, CDL shares experienced a significant decline, falling approximately 10% over two trading sessions following the briefing. The stock was the worst performer in the Straits Times Index on the day of the announcement.