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
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.
Sources say the securitisation structure which CDL is proposing to potential investors and lenders will price Nouvel 18, which is located near the corner of Anderson Road and Ardmore Park, at around S$965 million; this …
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