City Developments: Does the recent land bid signal greater family support?. Tue Jun 16 2026

Research evidence excerpt

City Developments: Does the recent land bid signal greater family support?. Tue Jun 16 2026

J P M O R G A N Asia Pacific Equity Research

16 June 2026

City Developments Overweight

CTDM.SI, CIT SP

Does the recent land bid signal greater family support? Price (15 Jun 26):S$8.63

Price Target (Jun-27):S$10.45

Since the appointment of Mr Kwek Leng Peck as Vice Chairman (link), CIT has Singapore/ASEAN Property and

rallied 10.1% versus the STI’s 1.6% gain, reflecting what we view as a game- REITs

changing development. Mr Kwek Leng Peck’s return signals strong Kwek family Mervin Song, CFA AC

support for CEO Mr Sherman Kwek and management’s plans to execute CIT’s (65) 6882-7829

strategic review while improving operating performance and capital allocation. mervin.song@jpmorgan.com

The Vice Chairman is the cousin of Executive Chairman Mr Kwek Leng Beng and Terence M Khi

uncle of CEO Mr Sherman Kwek, and had resigned in 2020 following (65) 6882-1518

disagreements over CIT’s investment in Sincere Property Group and concerns over terence.ml.khi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

the management of M&C (link). J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

The recent win by an 80:20 JV between CIT and Hong Realty for the Newton GLS

site (link, Table 1NewtonGLSsite-PeckHayRoadlandparcel), in our view signals greater alignment between CIT's

management and the broader Hong Leong Group. This marks CIT's first successful

land bid with the Hong Leong Group in seven years since the 2019 Sims Drive GLS

site, which became the Penrose project (link). CIT had also collaborated with Hong

Leong Group in a 2022 Dunman Road GLS bid where the JV placed the second

highest bid (link, Table 2DunmanGLSsite-DunmanRoadlandparcel).