CDL attempts third PPS deal, this time with top-end condos

Singapore

CITY Developments Ltd (CDL) is said to be attempting its third profit participation securities (PPS) structure, this time involving a portfolio of 48 apartments in three projects in the Core Central Region completed earlier. The potential deal is seen as the latest instalment of the group's capital-recycling strategy.

The 48 apartments - at Cliveden at Grange, St Regis Residences Singapore and One Shenton - have a total portfolio size of about S$350 million, a significantly smaller scale than CDL's previous two PPS exercises. On a portfolio basis, the latest effort works out to around S$2,300 per square foot on strata area, BT understands. The units are substantially leased.

The listed property group is said to have appointed JLL to scout around for potential investors for the PPS structure. These are likely to be institutional and private equity investors; however, high-net-worth individuals and family offices may also be potential ca…