CityDev in tie-up to acquire Tokyo site for 30.5b yen

CITY Developments Limited (CDL) has stepped up its overseas expansion with a maiden acquisition of a residential site in Japan.

The group announced on Tuesday that it has tied up with a US-based investment firm to acquire a prime freehold land site in Tokyo for 30.5 billion yen (S$355.5 million) from Seiko Holdings Corporation.

"This acquisition is in line with CDL's strategy to accelerate overseas expansion to supplement our existing operations," said CDL executive chairman Kwek Leng Beng.