4 CDL-Linked Companies That Are Traded On SGX

Earlier this week, news broke of an internal dispute within City Developments Limited (CDL) (SGX: C09), with Executive Chairman Kwek Leng Beng accusing his son, Sherman Kwek, of an “attempted boardroom coup” to consolidate control over CDL’s board.

This development has drawn attention to one of Singapore’s wealthiest families. According to Forbes, Kwek Leng Beng and his family rank as the fourth richest in Singapore, with an estimated net worth of $11.5 billion. CDL shares have been suspended from trading since 26 February 2025, following the announcement, and the company has also canceled its FY2024 results briefing. The stock was last traded at $5.12 on 25 February 2025.

While CDL is a major real estate developer in Singapore, it is also affiliated with other companies listed on the SGX. In this edition of 4 Stocks This Week, we highlight some of these CDL-linked companies.

Hong Leong Finance

If you look at CDL’s ownership structure, you can immediately see who its parent company is. CDL’s parent organisation can be traced to the Hong Leong Group, which started investing in CDL in 1969. In 1972, Kwek Leng Beng, then an executive in Hong Leong Group, led an acquisition of a controlling stake in CDL.

Source

The Hong Leong Group is a conglomerate that owns multiple companies across different industries. One such company is Hong Leong Finance Ltd (HLF) (SGX: S41). Founded in 1961, HLF embarked on its journey as a medium-sized enterprise before becoming Singapore’s largest finance company. The company has a robust network of 28 branches strategically located throughout Singapore. Kwek Leng Beng is the Board Chairman and Managing Director of HLF.

Hong Leong Asia Ltd

Hong Leong Asia Ltd (HLA)  is the Trade & Industry arm of the Hong Leong Group and has been listed on the SGX since 1998. Its core business is building materials and power train solutions. The company is helmed by Kwek Leng Peck, its executive chairman. Kwek Leng Peck is a cousin of Kwek Leng Beng.

Hong Leong Asia Ltd (SGX: H22) is currently trading at $0.92 with a market capitalisation of $684 million.

CDL Hospitality Trusts

CDL Hospitality Trusts (CDLHT) is one of Asia’s leading hospitality trusts, managing assets worth approximately S$3.5 billion as of 31 December 2024. It consists of two entities: CDL Hospitality Real Estate Investment Trust (H-REIT), a real estate investment trust, and CDL Hospitality Business Trust (HBT), a business trust.

Listed on the Mainboard of the Singapore Exchange (SGX) on 19 July 2006, H-REIT was the first hotel real estate investment trust in Asia (excluding Japan). CDLHT’s Singapore portfolio includes prominent hotels such as Orchard Hotel, Grand Copthorne Waterfront Hotel, and W Singapore – Sentosa Cove.

Kwek Eik Sheng, the Group Chief Operating Officer (COO) of CDL and nephew of CDL’s Executive Chairman Kwek Leng Beng, serves on CDLHT’s board as a Non-Independent Non-Executive Director. According to The Straits Times, Kwek Leng Beng has suggested that Kwek Eik Sheng could assume the role of interim CEO while the company searches for a permanent replacement.

CDL Hospitality Trusts is currently trading at $0.78, with a market capitalization of $968 million.

First Sponsor Group Limited

First Sponsor Group Limited (SGX: ADN) is a Singapore-based investment holding company listed on the Mainboard of the Singapore Exchange (SGX) since 22 July 2014. The company operates across multiple sectors, including investment holding, property development and sales, property investment, hotel ownership and operations, and property financing services.

Kingston Kwek Eik Hui, the younger son of CDL’s Executive Chairman Kwek Leng Beng, serves as a Non-Executive Director of the company.

As of the latest trading update, First Sponsor Group is trading at $1.08 per share, with a market capitalisation of $1.22 billion.

Read Also: 5 Straits Times Index (STI) Stocks That Outperformed the Index

4 Stocks This Week is not a recommendation from us to buy or sell any of these stocks. For investors who are keen to find out more, you should continue researching about them before making your investment decisions.

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