CDL to divest S$6 billion over 3 years, CEO pledges ‘unwavering focus’ on execution of new strategy

Mr Sherman Kwek said the S$5 billion is not a rigid quota, and that a lot of the new investments will be opportunity-led, both in Singapore and overseas.

It will depend on the number of land tenders that CDL can win or whether the projects meet the company’s risk-adjusted return targets. If the right opportunities do not materialise overseas, then Singapore may become a bigger part, he said.

“It’s a framework to guide us and it’s our roadmap going forward. We know where we are willing to put capital to and to what sort of extents, we know where we don’t want to put capital to,” he said.

The company said the refreshed strategy is aimed at delivering sharper strategic focus, stronger capital discipline and sustainable long-term shareholder returns. 

To that end, the group intends to distribute a dividend payout of more than 35 per cent annually, on reported profit after tax and minority interests. 

PAST FAMILY FEUD

In February last year, Mr Kwek Leng Beng said his son and a group of directors bypassed CDL’s nomination committee to push through changes to the board without proper review.

At the time, Mr Sherman Kwek took aim at Dr Catherine Wu, then an independent adviser to the board of a CDL subsidiary, Millennium & Copthorne Hotels Limited. 

He said she had interfered in matters “going well beyond her scope” and had “enormous influence”. Dr Wu resigned from her role shortly after.

The public tussle came to an end in March 2025 after Mr Kwek Leng Beng said he would drop legal action against his son.

He said at the time that the board members had agreed to set aside their differences for the “greater good” of the company and its stakeholders.

On Monday, Mr Kwek fielded a question about what motivates him to keep working hard despite being “independently financially well off”.

Beyond the general desire to accomplish certain career achievements, he and other members of the team care deeply about CDL, and he wants to honour his grandfather’s legacy.

“I’ve always been driven by the fact that I want to perpetuate our family legacy, especially my grandfather, who’s had a very deep and meaningful influence on me when I was growing up,” he said.

“That’s been a key driving factor for me.”