CDL acquires full control of W Singapore-Sentosa Cove, Quayside Isle
Group CEO Sherman Kwek says there are plans to renovate parts of W Hotel, which is performing well
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CITY Developments Limited (CDL) acquired the remaining 62.5 per cent stake from the investors of Profit Participation Securities (PPS) 1 structure for S$393 million, giving it full control of W Singapore-Sentosa Cove and Quayside Isle as it seeks to ride on the government's plans to reshape Sentosa.
At an earnings briefing on Thursday morning, group chief executive officer Sherman Kwek said that the group sees "a lot of value" in W Singapore and Quayside Isle.
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