CDL CEO Sherman Kwek 2025 pay increases by 70.8% to S$5.08 million as group profits triple

City Developments Ltd (CDL) tripled its profits for the fiscal year (FY) 2025 to S$629.7 million from S$201.3 million in the previous year.

According to the Annual Report 2025 published on CDL's website on Mar. 31, the tripling of net profits was supported by residential sales and capital recycling initiatives.

Notable condominium launches included The Orie at Toa Payoh and Zyon Grand at River Valley, with 95 per cent and 87 per cent of units sold, respectively, to date.

Sales included a 50.1 per cent stake in the South Beach mixed-use development to Malaysian partner IOI Properties based on an agreed property value of S$2.75 billion.

CEO's compensation

With that, its chief executive officer (CEO), Sherman Kwek, will be paid S$5.08 million in total compensation for FY2025, marking a 70.8 per cent increase from the S$2.97 million that he earned in FY2024.

Based on CDL's annual report, his FY2025 compensation can be broken down into S$990,644 in fixed salary, including an annual wage supplement; S$2.5 million in bonuses; S$121,925 in board or committee fees, and S$86,364 in other benefits.

According to The Business Times (BT), this package also includes a long-term incentive of S$1.4 million, which only manifests if targets are met over a three-year performance period.

He had voluntarily forgone this incentive for FY2024.

Executive chairman's compensation

Executive chairman Kwek Leng Beng, Sherman's father, received S$7.4 million in total compensation in FY2025.

This comprised S$1.5 million in fixed salary, S$5.6 million in bonuses, S$133,636 in board or committee fees, and S$185,605 in other benefits, according to the annual report's figures.

This was 24.3 per cent higher than the approximately S$5.9 million the elder Kwek got in FY2024.

2025 and beyond

In the annual report, Sherman said: "2025 was a year of reflection, resilience and disciplined execution for the Group amid a challenging environment with ongoing macroeconomic uncertainties."

"Despite these headwinds, we stayed focused on advancing our strategic priorities, culminating in strong residential sales in Singapore and accelerated capital recycling around the globe, which drove a significant uplift in our earnings."

Sherman added in his statement as group CEO: "To strengthen the competitiveness of our portfolio and enhance tenant and shopper experiences, the Group continues to invest in asset enhancement initiatives (AEIs) across our retail and commercial properties to drive long-term value creation."

He also cited City Square Mall's completed S$50 million uplift and an AEI at Republic Plaza Tower 2.

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Top photo from CDL Annual Report 2025