from the Ting family
The long-standing feud between the Kwek family members at City Developments Limited (CDL) appears to have reached a resolution, with executive chairman Kwek Leng Beng withdrawing legal proceedings against a group of directors led by his son, group CEO Sherman Kwek.
Following the withdrawal of the legal actions, the board of CDL will now consist of four members: Kwek Leng Beng, Sherman Kwek, and two newly appointed independent directors, Jennifer Duong Young and Su Yen Wong.
In a joint statement, the board members have expressed their commitment to putting aside their differences and working towards the best interests of CDL and its stakeholders. They have also reiterated their focus on strengthening the company’s business operations, completing ongoing projects, and maximizing shareholder value.
This development comes after the resignation of Dr Catherine Wu, another independent director who was at the center of the boardroom dispute. Kwek Leng Beng has clarified that the allegations made against CDL’s corporate governance by Wu were unfounded, and that the company will continue to uphold good governance practices.
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In the midst of this turmoil, CDL has also announced the acquisition of five student accommodation properties in the United Kingdom for $357 million from the Ting family. This is in line with the company’s strategy of expanding its global presence and strengthening its various brands under Millennium & Copthorne.
Furthermore, CDL has also recently offered a portfolio of 11 strata shops at The Venue Shoppes for $40.77 million, and has seen strong sales at its newest residential development, The Residences at W, with 65 units sold at an average price of $1,780 per square foot.
With the resolution of the boardroom feud and the company’s continued strategic developments, CDL is poised for future growth and success in the real estate market.