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Executive chairman Kwek Leng Beng\u2019s pay is also up, rising 24% year on year to S$7.4 million<\/p>\n
[SINGAPORE] City Developments Ltd ( CDL ) chief executive officer Sherman Kwek will be paid S$5.1 million in total compensation for FY2025, marking a 70.8 per cent increase from the S$2.97 million that he earned the year before.<\/p>\n
His compensation for FY2025 comprises S$990,644 in fixed salary, including an annual wage supplement; S$2.5 million in bonuses; S$121,925 in board or committee fees, and S$86,364 in other benefits, the group said in its annual report published on Tuesday (Mar 31).<\/p>\n
The package also includes a long-term incentive of S$1.4 million. CDL said the final payment of this incentive will vest only if predetermined targets are met over a three-year performance period.<\/p>\n
For the previous year, Kwek\u2019s remuneration totalled S$2.97 million. It included S$990,364 in fixed salary, S$1.8 million in bonuses, S$124,911 in board or committee fees, and S$86,248 in other benefits.<\/p>\n
The chief executive had voluntarily forgone his long-term incentive grant of S$1.4 million for FY2024.<\/p>\n
Meanwhile, executive chairman Kwek Leng Beng \u2013 the father of Sherman Kwek \u2013 received S$7.4 million in total compensation in FY2025, 24.3 per cent higher than the roughly S$5.9 million earned in FY2024.\u00a0<\/p>\n
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Of the S$7.4 million he received, S$1.5 million was in fixed salary, S$5.6 million in bonuses, S$133,636 in board or committee fees, and S$185,605 in other benefits.<\/p>\n
The larger compensation packages for both Sherman Kwek and Kwek Leng Beng followed a 213 per cent increase<\/a> in CDL\u2019s profit for FY2025 to S$629.7 million, from S$201.3 million for the previous year.\u00a0<\/p>\n Non-executive director Philip Yeo, who left the company on Jul 31, 2025, earned S$55,818 from board or committee fees in FY2025, from S$91,000 in FY2024.<\/p>\n For the other non-executive directors:<\/p>\n CDL attributed the surge in its FY2025 profit to strong capital recycling gains and a \u201cspectacular performance\u201d by its property development segment, even with S$155 million in impairments and foreseeable losses for overseas properties.<\/p>\n These included the sale of a 50.1 per cent stake in the South Beach mixed-use development<\/a> in H2 to Malaysian partner IOI Properties for S$834 million, which yielded a S$465 million gain. <\/p>\n CDL\u2019s projects, The Orie<\/a> in Toa Payoh and Zyon Grand<\/a> in River Valley, also saw strong take-up rates of over 80 per cent over their launch weekends.\u00a0<\/p>\n \u201cTo maximise shareholder returns, we are actively reviewing our growth strategy, portfolio structures and capital allocation priorities,\u201d said Sherman Kwek at an earnings briefing<\/a> in February. <\/p>\n \u201cWe have taken decisive steps to unlock value from mature and non-core assets, while selectively redeploying capital to drive growth.\u201d\u00a0<\/p>\n He added that key areas include rightsizing its portfolio and reviewing capital allocation across markets and asset classes. This includes CDL\u2019s UK development legacy portfolio of five properties, worth about S$800 million as at end-2025, after two asset sales over the last two years.\u00a0<\/p>\n In an interview with The Business Times<\/em> in early March, a CDL spokesperson said further divestments could be on the cards<\/a> for assets deemed mature, capital-intensive or where value has already been substantially crystallised.\u00a0<\/p>\n\n