[SINGAPORE] Shares of City Developments Ltd (CDL) fell more than 6 per cent on Monday (Sep 28) after the release of its strategic review.

The counter declined 4.2 per cent in early trade, before falling further to S$7.75 as at 9.17 am, down 6.1 per cent. CDL shares rebounded to S$7.89 as at 9.40 am, still trading 4.5 per cent or S$0.37 lower.

The property giant said on Monday that it intends to deploy S$5 billion in growth capital and target S$6 billion in divestments across its portfolio over the next three years.

It is part of a “refreshed” strategy to improve strategic focus and long-term shareholder value.

Singapore will continue to be the principal market for CDL’s new investments.

Of the S$5 billion in planned growth capital,…