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CITY Developments Limited, currently on an overseas diversification drive, is buying a landmark brewery site in Southwest London for £158 million (S$336 million).
The land parcel - located besides River Thames and 200 metres away from the rapid overland train link to Central London's mainline station Waterloo - was occupied by Stag Brewery, which is owned by leading global brewer AB InBev and until recently produced beers.
At 89,000 square metres, it offers "tremendous potential for redevelopment", said CDL. CDL subsidiary Reselton Properties will begin the planning and consultation of the site early next year; planning approval is expected to be granted in Q1 2018, and will be undertaken in two phases.
The Stag Brewery site is widely accepted as one of the best development opportunities on the River Thames, said CDL executive chairman Kwek Leng Beng.
"This latest acquisition is in line with our plans to step up CDL's overseas diversification," said Mr Kwek. "Greater London is a key focus for our UK real estate platform, which we established in 2013. Greater London is seen as an attractive alternative to Central London as buyers have increasingly sought more value for their money."
The acquisition - CDL's eighth in the UK - is expected to be completed by the first week of December.