Singapore dynasty CDL needs turnaround plan

Steady market: The South Beach complex developed by CDL. Singapore’s home prices and sales have remained strong over the past year, driven by the ultra-rich and buyers looking to upgrade from public to private units. — Bloomberg

FOR Singapore’s richest property family, the turnaround of City Developments Ltd (CDL) is just beginning.

A bungled Chinese investment has saddled the property developer with a US$1.3bil (RM5.44bil) writedown, raising questions about the extent of the damage and the fallout for top executives who supported the deal.