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CDL to buy London freehold site for £58m (Amended)

PROPERTY developer City Developments Limited has exchanged contracts to buy the freehold Ransomes Wharf site in Battersea, London, from Curatus Trust, it said in a press release on Thursday afternoon.

It will buy the 0.65 hectare Ransomes Wharf site for £58 million (S$103.7 million), phased over the next 18 months.

It plans to develop the site into a luxury residential project with an estimated gross development value of £222 million.

Amendment note: An earlier headline incorrectly stated that the purchase was £59m. It is £58m. The headline been revised to reflect this.

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