City Developments reveals stake in joint venture that clinched Sumang Walk site
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CITY Developments (CDL) on Thursday revealed the proportion of its stake in a joint venture it formed with TID Residential (TIDR) to successfully clinch the tender for an executive condominium site at Sumang Walk last month.
The interest holdings of CDL and TIDR in the Sumang Walk property project are 60 per cent and 40 per cent respectively.
The site was clinched for S$509.37 million, or a record S$583 per sq ft per plot ratio.
TIDR is a subsidiary of Hong Leong Holdings (HLH). Hong Leong Investment Holdings (HLIH) is the ultimate holding company of HLH. HLH and HLIH are also controlling shareholders of CDL.
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