CDL attempts third PPS deal, this time with top-end condos
Portfolio worth about S$350 million to be made up of apartments in Cliveden at Grange, St Regis and One Shenton
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Kalpana Rashiwala
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Singapore
CITY Developments Ltd (CDL) is said to be attempting its third profit participation securities (PPS) structure, this time involving a portfolio of 48 apartments in three projects in the Core Central Region completed earlier. The potential deal is seen as the latest instalment of the group's capital-recycling strategy.
The 48 apartments - at Cliveden at Grange, St Regis Residences Singapore and One Shenton - have a total portfolio size of about S$350 million, a significantly smaller scale than CDL's previous two PPS exercises. On a portfolio basis, the latest effort works out to around S$2,300 per square foot on strata area, BT understands. The units are substantially leased.
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