SINGAPUR (dpa-AFX) - City Developments Ltd. or CDL (CDEVY, C09.SI) Tuesday announced that it has entered into a sale and purchase agreement with a Singapore-based institutional buyer to divest its prime waterfront retail asset, Quayside Isle @ Sentosa Cove, for S$97.3 million.
The deal price is approximately S$2,205 per square foot, reflecting strong market validation of the asset's quality and unique waterfront positioning. The company said the price represents a significant premium of around 47% over its book value of S$66.0 million.
The transaction is expected to be completed in the first quarter of 2026.
Quayside Isle was launched for sale in September 2025 through an Expression of Interest exercise which ended on October 15. The firm received offers from local and international investors, and sale was secured after a competitive process.
Quayside Isle, developed and managed by CDL, is part of its Quayside Collection precinct.
Including the Quayside Isle transaction, the firm has secured around S$2 billion in total divestments in 2025, outpacing total acquisitions of around S$1.7 billion for the year.
Sherman Kwek, CDL's Group Chief Executive Officer, said, 'This divestment, which sees us exiting at a 2.6% cap rate, aligns with our disciplined capital recycling focus, enabling us to unlock value while maintaining a prudent and balanced approach to capital management.'
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