SINGAPORE, 28 September 2026—City Developments Limited (CDL) has launched its bold three-year plan worth billions of dollars, but the immediate response from the market was astonishing: the stock of this giant in the property sector fell by as much as 6.3% on 28 September—the largest one-day fall since March.
The GET+ Plan announced by CDL is based on a puzzlingly simple premise that the firm intends to invest US$3.91 billion of growth capital until 2029 and at the same time release around US$4.69 billion through asset sales, securitization and other optimal portfolio actions. In simple terms, CDL will sell more than it will invest—making the property company a major recycling machine for capital.
All amounts are converted using the mid-market exchange rate of US$0.7822 for S$1 on 28 September 2026.
The most astonishing news could be the location of the vast migration of money. The investment plan of USD3.91 billion includes approximately 60%, or USD2.35 billion, designated for Singapore. This shows CDL’s inclination towards the Singaporean market, which has been the home market for the company. Another 30%, or USD 1.17 billion, will be invested in upper-tier markets in China and Japan, with emphasis on serviced apartments.
In contrast, Australia’s situation is entirely different. CDL has plans to sell 563 residential units, a 50% share in the office building in Melbourne, and a residential portfolio worth around USD 172 million. This reflects the tendency to pay closer attention to selected destinations than to expand into all possible territories. The group intends to get rid of three projects (in the UK) and unsold units of two more residential projects, the worth of which stands at approximately USD 626 million.
The major change introduced by City Developments Limited (CDL) through its new GET+ strategy is a stronger emphasis on fund management and capital recycling, alongside its traditional property development and hospitality businesses. Unveiled on 28 September 2026, following a strategic review, the three-year strategy for FY2027 to FY2029 aims to increase CDL’s assets under management (AUM) to S$10 billion by FY2029, from approximately S$5 billion as of 30 June 2026. The expanded fund-management platform will use existing and new listed real estate investment trust (REIT) systems as well as private-capital structures involving funds, partnerships, and joint ventures.
According to the transformation represented by GET+, CDL wants to implement a capital-light business framework that lets them free up resources from outdated project stays and enable them to invest in selected lucrative initiatives. CDL is ready to put in 5 billion Singapore dollars of new capital during the three-year period involved in the project while, at the same time, making net disposals of about 6 billion Singapore dollars. The company hopes such transformations will lead to a more efficient use of capital and help it become stronger.
The new plan provides CDL with specific, measurable goals to achieve. The new plan includes the idea of getting a net gearing rate of 55% by FY2029 to be compared to 75% in the first half of FY2026. It is also expected that the amount of the company’s annual payout based on profit after tax will make at least 35% of the overall profit realized by the company from FY2027 up to FY2029. In addition, a total of 1 billion Singapore dollars will be received from the disposal gains.
The timing of the announcement was closely watched by investors. On 17 September 2026, CDL informed the Singapore Exchange that it would release the outcome of its strategic review before trading began on 28 September, with an analyst and media briefing scheduled for that morning. The review had been examining the group’s global portfolio, growth strategy, and capital-allocation priorities.
The resulting strategy therefore involves a two-sided capital-allocation approach: CDL plans to invest S$5 billion in growth opportunities while simultaneously targeting S$6 billion of divestments. The company said Singapore would remain its principal investment market, with new investment allocation planned across Singapore, China, Japan, and other markets. This capital-recycling framework is intended to enable CDL to retain or acquire assets where it sees opportunities while monetizing mature or non-core holdings.
