CDL to make 'significant gains' from sale of Tanglin Shopping Centre
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Singapore
PROPERTY developer City Developments Ltd (CDL) said in a bourse filing early on Wednesday (Mar 30) that it expects to make a "significant gain" from its sale of Tanglin Shopping Centre to Hillthorpe Investments, an investment vehicle of Pacific Eagle Real Estate.
CDL's board believes that the sale, which comprises 85 strata lots including 2 car parks, will help the company recycle and reallocate its capital in line with the company's overall strategy to divest some of its assets at a premium to net book value and/or valuation.
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