Citi Lowers Target Price For City Developments To $9.01

Edge

Jul 21, 2025

Citi Singapore has reduced its target price for City Developments (CDL) to $9.01 from $9.51 previously, following the recently announced divestments of three properties under the group among other factors. Analyst Brandon Lee is keeping his “buy” rating on CDL.

CDL recently announced the divestment of South Beach mixed-use integrated development, Hong Leong City Centre's retail/office components and Cideco Industrial Complex. The group revised its residential sales schedule and updated forex assumptions, which was mitigated by acquisition of integrated/residential sites in China/Singapore.

Lee has cut his FY2025/2026 core patmi by 18.6%/2.4% to $434.6million/$535.0 million after taking into account these factors.

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Analyst Brandon Lee is keeping his “buy” rating on CDL.</p><p>CDL recently announced the divestment of South Beach mixed-use integrated development, Hong Leong City Centre's retail/office components and Cideco Industrial Complex. The group revised its residential sales schedule and updated forex assumptions, which was mitigated by acquisition of integrated/residential sites in China/Singapore.</p><p>Lee has cut his FY2025/2026 core patmi by 18.6%/2.4% to $434.6million/$535.0 million after taking into account these factors.</p>","source":"lsy1655096814160","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi Lowers Target Price For City Developments To $9.01</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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