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
Singapore
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Hugo Boss profit tops expectations, but China lags
DBS customers unable to login to Digibank, PayLah! on Thursday
If inflation continues to build, the Fed won’t be able to maintain neutral stance for long
Asia markets mixed after Fed leaves rates unchanged; STI rises 0.1%
Singapore Savings Bond 10-year average yield hits year-to-date high of 3.33%
Universal Music Group reaches new licensing agreement with TikTok