Singapore, Jan 10, 2026, 15:25 SGT — Market closed
City Developments Limited (CDL) said in a Singapore Exchange filing on Friday it stayed on CDP’s 2025 “A List” for climate change and water security for an eighth straight year, and picked up an EcoVadis Gold Medal in its first assessment. CDL shares ended flat at S$8.87 on Friday after a sharp run earlier in the week.
The update lands as investors lean harder on ESG — short for environmental, social and governance — to screen property names with big construction footprints and large debt stacks. CDL said more than 640 capital-markets signatories asked companies to disclose environmental data through CDP in 2025, and that an A score puts it among the top 4% assessed globally. 1
Brokers have been turning more constructive on the stock as the group sells assets and pares leverage. Vijay Natarajan at RHB Bank Singapore lifted his target price to S$9.50 from S$8.50, saying the approach tackles “high debt load and sub-par return on equity”, while PhillipCapital’s Darren Chan upgraded the stock to “buy” with a higher target of S$9.62 and flagged the possibility of a special dividend around the FY2025 results.
The wider tape has helped. Singapore’s Straits Times Index hit a record high above 4,700 points this week, with OCBC Group Research’s Carmen Lee telling clients that investors “cannot afford to ignore” the market. 2
Technically, traders will be watching whether CDL can clear the S$8.90–S$9.00 zone after Friday’s S$8.74–S$8.92 range, and whether the pullbacks keep finding buyers near the mid-S$8.70s. Turnover on Friday was about 2.43 million shares, data compiled by ShareInvestor showed. 3
But the rally leaves less room for surprises. A rebound in interest rates, softer home-buying demand, or a slower pace of disposals could keep the stock’s valuation discount wide and make promised “unlocking value” stories harder to price.
Investors are also watching the broader policy backdrop for Singapore equities after the central bank launched a consultation on legal changes aimed at facilitating dual listings on SGX and Nasdaq, including proposals that would allow practices such as forward-looking statements and share buybacks under safe-harbour provisions.
