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City Developments targeting US$5B of assets under management by 2023

Singapore-listed real estate company City Developments Ltd. is aiming to amass US$5 billion worth of assets under management by 2023 to become a leading fund manager in Asia.

The company plans to launch a series of closed-ended vehicles focusing on core, core plus and opportunistic property investments in the Asia-Pacific region by 2019, City Development noted in its earnings release.

Additionally, the developer's board is recommending a special final ordinary dividend of 6 Singapore cents per share, in addition to the final ordinary dividend of 8 cents per share. This takes the total dividend payout for 2017 to 18 cents per share, up from 16 cents per share for 2016.

As of Feb. 28, US$1 was equivalent to S$1.32.