City Developments Limited (CDL) has sold a waterfront retail asset in the Singapore resort island of Sentosa to a local institutional investor for S$97.3m (€64m).
The Quayside Isle @ Sentosa Cove retail asset was sold at a premium of around 47% over its book value.
Developed and managed by CDL, Quayside Isle is part of the Group’s Quayside Collection precinct, which was built alongside the 240-room W Singapore – Sentosa Cove hotel and The Residences at W Singapore Sentosa Cove, which features 228 luxury residences.
In 2020, the hotel was sold to a related company, CDL Hospitality Trusts, while the unsold residential component is held as part of a private investment platform.
Sherman Kwek, CDL’s group CEO, said the strong investor interest received for Quayside Isle and the sale outcome reaffirms continued investor demand for high-quality, income-generating assets.
Kwek added: “This divestment, which sees us exiting at a 2.6% cap rate, aligns with our disciplined capital recycling focus, enabling us to unlock value while maintaining a prudent and balanced approach to capital management.”
The hospitality group has sold eight assets this year, raising a total of S$2bn, ahead of spending around S$1.7bn on acquisitions.
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