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
Kalpana Rashiwala
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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