CDL working on PPS for Nouvel 18: sources
Singaporean equity investors sought for potential deal, which will price the asset at S$965m or S$2,750 psf; CDL will assume greatest risk, but also have share of upside
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Kalpana Rashiwala
Singapore
FACED with a looming November deadline to finish selling all its units in the completed Nouvel 18 condo project in a plush District 10 locale, City Developments Ltd (CDL) is racing to stitch together a profit participation securities (PPS) scheme for the project, BT understands.
The deal, if it materialises, will see CDL's role in Summervale Properties, the company that developed the 156-unit freehold condo, change from that of equity owner to bond holder with a share of the potential upside; however, CDL will also bear the biggest risk among four groups of participants in the proposed structure.
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