Phillip Research keeps Buy rating for City Developments stock

City Developments (ISIN SG1R89002252) had a prior close of EUR 4.86 at Lang & Schwarz on October 5, 2026, while Phillip Research kept its Buy rating for City Developments stock and an SGD 11.32 target on September 29, 2026. The analyst view followed CDL's strategic review, which set a three-year capital plan through fiscal year 2029.

GET+ sets four targets

According to City Developments on September 28, 2026, the GET+ roadmap covers fiscal years 2027 through 2029 and targets SGD 5.0 billion of new investments, SGD 6.0 billion of divestments and more than SGD 6.0 billion of property development cash inflows.

The plan also targets a dividend payout ratio of at least 35.00 percent, net gearing of 55.00 percent and assets under management of SGD 10.0 billion by fiscal year 2029. The capital split puts 60.00 percent of new investments in Singapore, 30.00 percent in China and Japan, and 10.00 percent in other markets.

Profit growth adds support

City Developments entered the strategy period after a sharp first-half improvement. Quartr reported that revenue reached SGD 2,719.6 million in the first half of 2026, up 61.10 percent from SGD 1,687.9 million in the first half of 2025. Profit after tax and minority interests rose to SGD 301.6 million from SGD 91.17 million.

The comparison matters because the strategy depends on recycling assets while growing recurring income. Hotel operations returned to a pre-tax profit of SGD 42.0 million in the first half of 2026 from a loss of SGD 84.0 million in the first half of 2025, while the interim dividend rose to 6.0 Singapore cents per share.

Analyst target remains above market

POEMS published Phillip Research's September 29, 2026 note with a Buy rating, an unchanged SGD 11.32 target and a last close of SGD 7.59. The target was framed around the GET+ plan's path to deleveraging, including a net gearing target of 55.00 percent by fiscal year 2029 versus 75.00 percent in the first half of 2026.

For investors, the central question is execution rather than the size of the roadmap. CDL must convert SGD 6.0 billion of planned divestments and more than SGD 6.0 billion of development cash inflows into lower leverage and a larger fee-generating fund management platform.

Prior close sets the reference

The prior close at Lang & Schwarz was EUR 4.86 on October 5, 2026. City Developments Limited is listed on the Singapore Exchange, where the finance profile classifies it in real estate development, and its market capitalization was SGD 6.4 billion as of October 7, 2026.

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