Billionaire Kwek's CDL Steps Up Divestments With Singapore Mall Sale [Forbes]
CITY DEVELOPMENTS S/ADR (CDEVY)
NASDAQ:AMEX Investor Relations:
ir.cdl.com.sg
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Source: Forbes
City Developments Ltd. (CDL)—controlled by billionaire Kwek Leng Beng —is stepping up asset divestments with the Singapore-based property giant seeking to sell an aging retail mall in the Orchard Road shopping strip. The company, along with other owners of the 11-story Delfi Orchard commercial and residential, are selling the property at a reserve price of S$438 million ($322 million), according to Savills Singapore, the sole marketing agent for the proposed collective sale. CDL owns 126 of the 150-strata titled units at Delfi Orchard, according to its annual report. Delfi Orchard is the second property City Developments has earmarked for divestment this year. Earlier this week, its subsidiary Cityview Place Holdings sold 65 luxury apartment units at The Residences at W Sentosa at an average price of S$1,780 per square foot. The company still holds 138 units in the 228-unit development that its parent CDL built in 2011. City Developments aims to raise S$1 billion this year from
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News
- City Developments Limited's (SGX:C09) market cap surged S$284m last week, private companies who have a lot riding on the company were rewarded [Yahoo! Finance]Yahoo! Finance
- Singapore's URA Accepts Billionaire Cousins' Low Bids For Housing Sites [Forbes]Forbes
- CDL, GuocoLand Backed JVs Submit Sole Bids For Singapore Housing Sites As Demand Slows [Forbes]Forbes
- Should You Think About Buying City Developments Limited (SGX:C09) Now? [Yahoo! Finance]Yahoo! Finance
- Singapore $12 Million Penthouse Sale Flops After Three Auctions [BNN Bloomberg (Canada)]BNN Bloomberg