City Development Ltd (CDL) has sold its Ransome’s Wharf site in the UK for £69m (€82m) as part of its divestment programme which yielded S$600m (€426m) in 2024.
The Singapore-listed company said that it bought the two plots in Battersea for £58m in 2017 and had sold the site to two purchasers.
Sherman Kwek, CDL’s group chief executive officer said the asset divestments reflected the company’s focus on accelerating its capital recycling initiatives.
“While market conditions have made divestments challenging, we are glad to have achieved good momentum, and we will continue to push forward with our divestment plans.
“We aim to optimise our capital management while holistically calibrating our portfolio to ensure alignment with our strategic objectives and to maximise shareholder value.”
Among the assets disposed are the retail and office components of its mixed-use development, known as Hong Leong City Centre, in the Chinese city of Suzhou.
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