Malaysia-based IOI Properties Group Berhad (“IOI Group”) is set to acquire full ownership of Singapore’s South Beach mixed-use development by purchasing Singapore-based City Developments Limited’s (“CDL”) 50.1% stake with an estimated sale consideration for SGD834.2 million. The sale consideration is based on an agreed property valuation of SGD2.75 billion, which represents a 3% premium over the latest appraisal as of 31 December 2024, as well as CDL’s 50.1% shareholding. Strategically located in Singapore’s Marina Central district, South Beach comprises a 34-storey Grade A office tower, the 634-key JW Marriott Hotel Singapore South Beach, the 190-unit South Beach Residences, commercial units, and four conserved heritage buildings. The hotel features eight food and beverage outlets, 18 meeting rooms, a fitness centre, an infinity swimming pool, a kid’s pool, and a spa. The divestment aligns with CDL’s capital recycling strategy to reduce debt and redeploy capital, while for IOI Group,…
