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CDL’s Kwek clan looks to invest US$3.9b in Singapore, China, Japan to raise confidence

City Developments (CDL), the Singapore property group controlled by one of the country’s wealthiest families, said it wants to invest S$5 billion (US$3.9 billion) in…

By Samantha Johnson / September 28, 2026
City Developments (CDL), the Singapore property group controlled by one of the country’s wealthiest families, said it wants to invest S$5 billion (US$3.9 billion) in Singapore, China and Japan by 2029 as part of measures to regain investor confidence after a feud within the clan.

The firm also aims to sell S$6 billion of assets within the same period either via outright divestments or seeding suitable assets into managed vehicles, according to an exchange filing on Monday.

It wants to set up a dedicated fund management entity with an investment committee and leadership team to double assets under management to S$10 billion by 2029, via new real estate investment trusts, funds, partnerships and joint ventures.

The company’s outlook and succession plans have been a subject of intense discussion among investors after a legal tussle between chairman and patriarch Kwek Leng Beng and his eldest son, Chief Executive Officer Sherman Kwek, early last year. The duo later agreed to settle their differences.

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