CDL has announced a committed divestment target of S$2.0 billion in FY2025, while simultaneously building a very strong residential development pipeline in Singapore for the next cycle.
In FY2025, CDL successfully acquired three residential sites:
• Woodlands – EC project near an MRT station
• Senja – EC project near an LRT station
• Lakeside Drive – private residential site right next to an MRT station
These sites form a solid launch pipeline for 2026/2027. Just yesterday, CDL was also the top bidder for another prime GLS residential site at Tanjong Rhu Road, located near an MRT station. Given how competitive government land tenders have been, this is a strong endorsement of CDL’s execution capability and market confidence.
As a result, CDL now has a healthy pipeline of private residential launches lined up for 2026/2027.
On the sales front, CDL has also delivered strong performance over the past 13 months, with successful launches such as:
• The Orie (Toa Payoh)
• Zyon Grand (River Valley, near Great World)
• Newport Residences (Tanjong Pagar precinct)
These projects will serve as near-term profit recognition drivers.
Looking ahead, projects currently under construction, including
(1) Lumina Grand EC (Bukit Batok),
(2) Norwood Grand (Woodlands),
(3) The Myst (Upper Bukit Timah Road), and
(4) CanningHill Piers (Clarke Quay / River Valley Road) —
appear to be on track for completion in FY2026. Many of these are already sold out or near sell-out, which could translate into a bumper financial year for CDL in 2026.
Beyond development profits, CDL has a sizeable investment property portfolio across Singapore, the UK, China, and Japan. Interest rates in most of these markets (except Japan) have declined meaningfully over the past 12 months, which should result in material interest cost savings in FY2025/FY2026.
Having gone through recent sell-side reports from JPMorgan, DBS, Citi, UBS, HSBC, RHB, etc., analysts have broadly upgraded their calls on CDL. Some are even forecasting the possibility of special dividends when CDL announces its FY2025 results in end-Feb 2026.
Overall, CDL looks well-positioned going into the next cycle — with capital recycling, a strong development pipeline, improving financing conditions, and growing shareholder return potential all lining up nicely.
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