CDL eyes chances to unlock value from commercial portfolio, keeps options open for mature assets
Its revamped City Square Mall has about 26,000 sq ft more in gross floor area and new leases at higher rental rate
[SINGAPORE] City Developments Ltd (CDL) sees openings to unlock value in its commercial portfolio, with mature assets in line for possible divestment.
A spokesperson for the international real estate operating company told The Business Times that the group sees “ongoing opportunities” for asset enhancement initiatives (AEIs), asset repositioning, selective divestments and capital partnerships in its portfolio of office, retail and industrial properties.
For example, a S$50 million AEI at its City Square Mall in Kitchener Road added about 26,000 sq ft of gross floor area (GFA) to the property, and racked up a positive rental reversion of 9.7 per cent on renewed leases post-revamp.
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