Subscribers

High networths join CDL's Nouvel 18 PPS deal

They include OSIM's Ron Sim, Straits Trading's Chew Gek Khim, Fragrance's Koh Wee Meng and developer Satinder Garcha

Singapore

OSIM founder Ron Sim, The Straits Trading Company chairman Chew Gek Khim, Fragrance Group boss Koh Wee Meng, polo player and upscale property developer Satinder Garcha are among the high net worth Singaporean investors participating in City Developments' S$977.6 million deal to unlock the value of its completed Nouvel 18 condo.

The transaction enables CDL to avoid paying hefty extension charges under the government's Qualifying Certificate (QC) conditions for not meeting a two-year deadline that falls due next month to finish selling the 156-unit freehold project. At the same time, the listed property and hotel group headed by Kwek Leng Beng has unlocked capital for redeployment to more...

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes