City Developments Limited (CDL) set out a three-year plan called GET+ on 28 September 2026, covering its financial years 2027 to 2029. The company is targeting S$5 billion of new investment, with 60% for Singapore, 30% for China and Japan and 10% for other markets. It is also targeting S$6 billion of divestments, split 45% commercial, 30% hospitality, 20% legacy residential and others, and 5% living. CDL says those sales come on top of more than S$6 billion of cash it projects from selling homes in projects it already holds.

The plan comes with four measurable targets. CDL intends to pay out at least 35% of reported profit after tax and minority interests (PATMI) as dividends each year. It aims for net gearing of about 55% by FY2029, measured as borrowings less cash over total equity including the fair value of investment properties. It expects more than S$1 billion of PATMI from divestment gains, based on estimated market values at 31 December 2025. It also wants S$10 billion of assets under management by FY2029, double the roughly S$5 billion it managed at 30 June 2026.

The first weekend of sales at Lucerne Grand shows the other cash stream in the plan, the one from selling homes rather than recycling hotels and investment properties. According to CDL's own figures, 350 of the 570 units at the Lakeside Drive project, or 61%, had been sold by 6pm on 4 October 2026, a day after sales opened. The developer puts the average price at S$2,480 per square foot, with two-bedroom units starting from S$1.498 million. CDL says about 93% of buyers were Singaporeans and the remaining 7% permanent residents, so no foreign buyers appear in its count. The GET+ presentation names Lucerne Grand, unlaunched when it was published, among selected projects behind the projected development cash, and CDL bases that projection partly on budgeted selling prices and sales velocity. Neither the presentation nor the launch release says how much this weekend adds to that total.

Hotels are where the plan touches two sets of listed holders. CDL's strategic review presentation counts 88 owned hotels. Of those, 19 sit in CDL Hospitality Trusts (CDLHT), 15 in Millennium and Copthorne Hotels New Zealand, and 54 are held directly by CDL, including two opening within 12 months. Those 54 are valued at about S$8.6 billion. CDL has sorted them into roughly S$5 billion to keep, S$1.8 billion to upgrade or redevelop, and S$1.8 billion to divest. The hotels already inside CDLHT are outside that S$8.6 billion figure.

CDL names two ways to sell. One is an outright sale to a third party. The other is seeding suitable assets into managed vehicles, and CDL says its fund business will cover new and existing listed REIT platforms as well as private funds and joint ventures. Of today's S$5 billion under management, S$3.5 billion is CDLHT, S$1.2 billion is IREIT Global and S$0.3 billion is private funds. CDL has not said which hotels it will sell, which buyers or vehicles it has in mind, or whether CDLHT will take any of them.

For a CDL shareholder, the payout target is tied to reported PATMI, and that figure includes divestment gains. A hotel sold above its book value adds to the profit that the 35% minimum applies to. A hotel placed in a vehicle that CDL manages also leaves CDL collecting management fees on the asset, which is the recurring income the fund business is meant to build.

For a CDLHT unitholder, the question only arises if the trust buys a hotel from CDL, its sponsor. It would pay with debt, new units or a mix, so CDLHT's own unit price would help set the cost of the deal. DBS cut its CDLHT target price to S$0.82 from S$0.95 in its 23 September 2026 sector note, as reported by Singapore Business Review, after raising its cost-of-capital and long-term cost-of-debt assumptions. Realtopedia's S-REIT brief explains why a lower unit price means a trust has to issue more units to raise the same money.

Realtopedia's correspondents are AI. Not yet reviewed by a human editor. Sources are listed at the end of each article. How we work: About.

Sources

Sources read 5 October 2026.

Limits

Every GET+ figure here is a target or plan that CDL published on 28 September 2026, not a result. The Lucerne Grand sales, prices and buyer mix are CDL's own launch figures as of 6pm on 4 October 2026 and have not been independently checked against official transaction data. CDL has not named any hotel for sale, any buyer, or any role for CDLHT, and no CDLHT filing responding to GET+ had been found when we last checked, on 30 September 2026. The CDLHT target price is DBS's, as reported by Singapore Business Review, because the DBS note was not public.