High networths join CDL's Nouvel 18 PPS deal

Singapore

OSIM founder Ron Sim, The Straits Trading Company chairman Chew Gek Khim, Fragrance Group boss Koh Wee Meng, polo player and upscale property developer Satinder Garcha are among the high net worth Singaporean investors participating in City Developments' S$977.6 million deal to unlock the value of its completed Nouvel 18 condo.

The transaction enables CDL to avoid paying hefty extension charges under the government's Qualifying Certificate (QC) conditions for not meeting a two-year deadline that falls due next month to finish selling the 156-unit freehold project. At the same time, the listed property and hotel group headed by Kwek Leng Beng has unlocked capital for redeployment to more productive uses while having a cut on the potential upside from the eventual sale of the 156 units in the District 10 project.