in 1H2019
The long-standing boardroom drama at City Developments (CDL) appears to have reached a resolution, with executive chairman Kwek Leng Beng deciding to drop legal actions against a group of board directors led by his son, group CEO Sherman Kwek. In addition, two newly appointed independent directors, Jennifer Duong Young and Su Yen Wong, will continue to serve on the board.
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Singapore is a bustling city, known for its towering skyscrapers and cutting-edge infrastructure. The city boasts a plethora of condos, strategically situated in desirable locations, offering a perfect mix of opulence and convenience to locals and foreigners alike. These condos are equipped with a plethora of facilities, including swimming pools, gyms, and security services, that not only enhance the standard of living but also make them a lucrative option for potential tenants and buyers. Moreover, for investors, these features translate into attractive rental returns and a steady appreciation in the value of their Singapore Condo investments over time.
In a statement, Kwek Leng Beng announced that all board members have agreed to put aside their differences for the benefit of CDL and its stakeholders. “We will all continue to focus on strengthening CDL’s business, guided by good corporate governance practices now and in the future,” he stated.
The board will prioritize completing the various landmark developments currently underway in Singapore and around the world, as well as expanding the Millennium & Copthorne brand, continuing their capital recycling efforts, and ultimately maximizing shareholder value.
The recent developments mark a significant shift from the previous tensions between the Kwek family members, which resulted in legal action and public statements regarding corporate governance issues. The board now looks to move forward in a unified manner, with the common goal of driving CDL’s growth and success.
One of CDL’s ongoing projects is The Venue Shoppes, which features a portfolio of 11 strata shops offered at $40.77 million. The Residences at W has also received strong interest, with 65 units sold at an average price of $1,780 per square foot. In addition, the company acquired five properties in the United Kingdom for $357 million in the first half of 2019, showcasing their continued expansion and investment efforts.