Cdl Book Gain 465 Million After Selling Stake South Beach Jv Partner Ioi Properties Group

: Real estate developer City Developments (CDL) has announced the sale of its 50.1% stake in South Beach development to joint venture partner IOI Properties Group (IOIPG) for $834.2 million. This deal will result in a gain on disposal of $465 million and is expected to be completed by Q3 2025. The joint venture partners will now own this mixed-use integrated development, located on Beach Road, through an entity known as Scottsdale Properties. With this agreed purchase price, South Beach’s implied property value stands at $2.75 billion, a 3% premium over the $2.67 billion valuation given by Edmund Tie & Company in December 2024, as reported by The Business Times in February 2025. The development is made up of a 34-storey South Beach Tower, Grade A office building, a 634-room JW Marriott Hotel Singapore South Beach, restaurants and cafes. The development also includes the 45-storey South Beach Residences, which have all 190 units sold since September 2024. CDL and IOIPG, two prominent developers from Singapore and Malaysia, respectively, joined forces to develop South Beach back in 2011. This divestment is part of CDL’s ongoing efforts to unlock value from its portfolio and reduce debt levels. According to the company, the net gearing ratio will reduce from 117% to 103% after the sale. For IOIPG, this acquisition will add to its portfolio of investment properties in Singapore. Previous developments by the company in the country include the IOI Central Boulevard Towers and the W Residences Marina View – Singapore and the W Singapore – Marina View. According to an interview with The Business Times in October 2023, IOIPG’s group CEO Lee Yeow Seng had shared plans to create a REIT comprising properties from its portfolio as part of its strategy to generate recurring income from mature markets such as Singapore. In a joint statement released by both companies, CDL chairman Kwek Leng Beng hailed the sale as the realization of their “bold vision” to create an iconic development that blends modern, sustainable architecture with the preservation of historical buildings. He also acknowledged the contributions of IOIPG’s late founder and executive chairman, Tan Sri Dato’ Dr Lee Shin Cheng, who shared his vision for the development. IOIPG CEO Lee Yeow Seng also expressed the significance of the deal for IOIPG, stating that the acquisition will elevate the company’s profile as a landlord of premium office space and strengthen its position in the hospitality industry.

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