Singapore's CDL stock plunges to 16-year low amid family feud

Developer's stock resumes trading after three-day halt

Shares of CDL were down as much as 7% on March 3, after trading in the shares was halted on Feb. 26 in the wake of a boardroom power struggle at the Singaporean property developer. © Reuters

TSUBASA SURUGA

March 3, 2025 14:41 JST

Updated on March 3, 2025 18:18 JST

SINGAPORE -- Shares of Singapore-based developer City Developments (CDL) plunged to a 16-year low on early Monday, after a three-day trading halt, amid a boardroom tussle between father and son for control of the property company.

CDL slid 7% to 4.76 Singapore dollars ($3.53) at the market open, its lowest price since March 2009. The stock has since regained some ground, but was down 2.3% at SG$5.00 at the closing.