CityDev gunning for more overseas acquisitions on souring Singapore market

Here are its target markets.

According to OCBC Investment Research,CityDev anticipates headwinds in the domestic residential market – its core business segment – going ahead and aims to accelerate its diversification plans into overseas growth markets, such as US, Japan, Australia, China and London.

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To this end, they have installed a new CEO, Grant Kelley who was the head of Apollo Global Management’s Asia Pacific real estate business, to spearhead this strategic shift.

Given the group’s strong balance sheet and the opportunities for acquisitions globally, we see this as a sound direction though we would look for more color and execution ahead as the group changes strategic gears.