CDL has unveiled its GET+ strategic review, targeting S$6 billion of divestments and S$5 billion of new investments. What happened? City Developments Limited, or CDL, has unveiled the outcome of its long awaited strategic review. The property group is targeting S$6 billion of divestments over the next three years, while setting aside S$5 billion for new investments. This comes against a backdrop of rising interest rates, which has put pressure on Singapore property stocks and REITs, while lifting the share prices of banks.  At first glance, the strategic review announcements sound like potentially positive steps. Yet CDL's share price fell 8.1% on 28 September to close at S$7.59, making it the worst performer in the Straits Times Index that day, while the STI gained 0.3%. In this article, I look at what CDL announced, why investors may have reacted cautiously, and the key areas I would be watching to assess whether the strategic review can improve shareholder returns....