CDL announced a S$6 billion asset divestment plan alongside S$5 billion in new investments, while Brand Street Properties and AEW Capital Management bought Deer Park Town Center for $125 million. Meanwhile, state attorneys general are fighting RealPage's bid to dismiss a rent-fixing lawsuit, and JLL noted international buyers are waiting for Chinese property oversupply to clear. Infrastructure and housing projects in the UK and India face ongoing regulatory, legal, and environmental developments.
01Company specific
CDL Outlines Plan to Divest S$6 Billion Over Three Years Under New Strategy
City Developments Limited will divest S$6 billion worth of over the next three years under a refreshed strategy outlined by chief executive Sherman Kwek, CNA reported. The planned divestments represent one-sixth of the company's S$36 billion total assets. The program targets 30 per cent of sales from hotels, 45 per cent from commercial properties, and the remaining 25 per cent from legacy residential, living, and other segments. CDL also projected a S$6 billion cash inflow over the same three-year period from property development sales, contracted sales collections, and its existing development pipeline. The group plans to deploy S$5 billion into new investments, with 60 per cent allocated to Singapore, 30 per cent to China and Japan, and the rest to other markets. CDL intends to maintain an annual payout of more than 35 per cent of reported profit after tax and minority interests. The strategic roadmap follows a public governance feud last year between Mr Kwek and his father, executive chairman Kwek Leng Beng, which included a lawsuit that was subsequently dropped. CDL shares fell more than 6 per cent during the previous trading session on Monday following the announcement.
US States Challenge RealPage Motion to Dismiss Rent-Fixing Lawsuit
Ten state attorneys general are urging a federal court to reject RealPage's bid to dismiss an ongoing lawsuit over alleged rent-setting algorithm collusion. A coalition representing California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, Tennessee and Washington argued in a federal court filing that the company's late-2025 settlement with the Department of Justice does not render their separate claims moot. RealPage had contended that its federal agreement resolved the same Sherman Act allegations, a position supported by co-defendants Camden Property Management and Pinnacle Property Management. Those landlords argued that the federal deal disposed of the states' algorithmic pricing claims because RealPage already agreed to halt the collection and use of the disputed confidential information. The state prosecutors countered that they were not parties to the federal settlement, have not settled their own claims, and remain free to seek full relief. The underlying litigation, originally filed in 2024, accuses RealPage of helping landlords coordinate rent increases above competitive market levels, with an expanded complaint in January 2025 adding six landlord defendants. While companies such as Cortland Management, Greystar, LivCor and Willow Bridge have reached separate settlements following the federal agreement, Camden Property Trust and Pinnacle remain active participants in the legal dispute alongside RealPage.
Heathrow Third Runway Project Faces Four-Year Delay
Plans for a third runway at Heathrow are delayed by up to four years as the airport pushes back its operational target from 2035 to 2039, The Guardian reported. Heathrow now hopes to secure planning permission by 2029 before opening the runway within a decade. The £33bn expansion aims to lift the airport's flight capacity from 480,000 to 756,000 flights a year. Making way for the project requires demolishing hundreds of homes, diverting rivers, and rerouting a section of the M25 motorway through a tunnel. Proponents argue the private-financed project will create 100,000 jobs, support unionised labor, and guarantee a market for UK steel. Conversely, Department for Transport analysis indicates regional airports could lose millions of passengers and local health could suffer major adverse effects. Prime Minister has refused to back the contested project, while Andy Burnham dodged questions about expansion at the Labour party conference. Environmental campaigners warn that the four-year delay undermines the economic case for expansion while imposing heavy social and environmental costs.
UK High Court Rules Housing Allowed on Floodplains Despite Failed Safety Tests
The UK High Court ruled that houses can be built on floodplains even if they fail crucial safety tests, in a decision delivered in north Somerset and reported by The Guardian. The judgment clears the way for a Persimmon Homes development of 190 new homes in Yatton on land classified as flood zone 3a, which represents the highest level of flood risk before land is considered a functional floodplain. Persimmon secured the permission despite failing the sequential test, a UK planning policy barrier designed to prevent floodplain development when alternative lower-risk sites exist, after an inspector identified 12 alternative locations. Ministers and parliamentary groups are now planning to ask housing and planning minister Matthew Pennycook to change the national planning policy framework to stop the ruling from setting a national precedent. Charles Banner KC of Keating Chambers represented Persimmon Homes in the court case brought by the local council. The Environment Agency and Defra opposed the development on flood risk grounds. Local residents and officials warned that the ruling could override environmental protections and leave surrounding properties facing higher insurance costs and reduced property values.
UP RERA Approves 12 Real Estate Projects Across Six Districts
The Uttar Pradesh Real Estate Regulatory Authority approved 12 new real estate projects involving an estimated investment of Rs 1,663.85 crore. The approvals were granted at the regulator's 214th authority meeting on Tuesday, chaired by UP RERA Chairman Sanjay Bhoosreddy. Together, the developments will add 3,090 residential and commercial units across six districts. Lucknow secured the largest share of the pipeline with four projects comprising 1,972 units and an estimated investment of Rs 609.35 crore. Ghaziabad followed with three residential projects involving Rs 605.06 crore and 574 units. Hapur received approval for two residential projects worth Rs 123.45 crore across 192 units. The remaining three projects are distributed across Kanpur, Ayodhya and Prayagraj. Kanpur accounts for one project involving Rs 201.72 crore and 158 units. Ayodhya's single project entails an investment of Rs 72.61 crore for 85 residential units. Prayagraj rounds out the list with one project valued at Rs 51.66 crore and 109 units. UP RERA stated that the developments will support construction activity and create opportunities in allied sectors including construction materials, engineering and transport. The regulator's monitoring will focus on compliance with the Real Estate Act, timely project completion and the protection of homebuyers.
JLL Sees Signs of Recovery in China Property Market
International investors are watching for mainland China office and retail property markets to absorb new supply before returning to the sector, according to JLL, the South China Morning Post reported. Stuart Crow, JLL chief executive for Asia-Pacific markets, said foreign institutions remain patient while waiting for commercial spaces to clear current oversupply. Local buyers, including corporate investors and high-net-worth individuals, drove an increase in commercial property transactions in major cities such as Shanghai and Beijing during the first half of the year. These domestic buyers purchased office buildings and hotels in prime locations anticipating that property prices would soon bottom out following a years-long downturn. Large institutions such as real estate funds and insurers require commercial properties to generate sufficient income before committing capital.
Connecticut Firm Partners on $125 Million Chicago-Area Shopping Center Purchase
Brand Street Properties and AEW Management acquired Deer Park Town Center for $125 million. The 410,000-square-foot open-air shopping center is located about 35 miles northwest of downtown Chicago in Deer Park, Illinois. The $125 million purchase price marks the highest price paid for a Chicago-area retail property in a decade according to Crain's Chicago Business. The property spans more than 25 years as a community retail hub and is currently 85 percent leased. More than 60 tenants occupy the center, including Apple, Crate & , Williams-Sonoma, Gap, Lululemon, Anthropologie and Sephora alongside restaurants such as Biaggi's Ristorante Italiano, Sweetgreen, Stoney River, Ancho & Agave and California Pizza Kitchen. Brand Street will manage day-to-day operations and leasing with plans to grow and reimagine public gathering spaces.
Global real estate shows tactical dealmaking alongside persistent regulatory and legal friction. However, whether algorithmic pricing scrutiny in the US and deep oversupply in China will permanently deter foreign institutional capital from major residential and commercial property markets remains unresolved.
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