CDL Gears Up For New Phase Of Growth In Singapore

by Albert02

CDL Gears Up For New Phase Of Growth In Singapore

CDL Gears Up; firmly focused on driving value in its core property development business in Singapore and upcoming asset enhancements. At a media briefing on March 25, CDL provided an update on its Singapore residential strategy and upcoming asset enhancements ahead of the start of previews for its newest development, Irwell Hill Residences. This story is based on articles from The Business Times and EdgeProp.

City Developments Limited (CDL) is laser-focused on increasing value in its core Singapore property development business. At a media briefing, CDL announced that it would replenish its land bank through an active land banking strategy to ensure a stable launch pipeline. “Our projects have sold well over the last few years,” said CDL Group General Manager Mr Chia Ngiang Hong, “so we need to maintain an optimal level of land supply.”

CDL will prioritize land tenders, particularly government land sites (GLS) and collective sale sites, as well as larger-scale developments such as entire precincts or districts. Mr Chia expressed confidence in the Group’s chances of securing master-development projects, citing CDL’s track record of winning tenders under the two-envelope system. This would provide CDL with a good land bank in the long run.

Asset enhancement

Mr Chia claims that CDL will also revitalize assets in order to unlock value. Fuji Xerox Towers on Anson Road, for example, will be transformed from a 38-story office building into a 47-story freehold mixed-use integrated development. The new building will include office space, retail space, residential units, and serviced apartments. The Central Business District Incentive Scheme has the potential to increase Gross Floor Area by 25%, to around 655,000 square feet.

On Havelock Road, a seven-story Central Mall is also under construction. CDL intends to redevelop it as a mixed-use development with office, retail, serviced apartments, and a hotel under the Strategic Development Incentive Scheme. “There will be a significant increase in GFA, and we are thinking about doing commercial-use, hotel, and serviced apartments,” Mr Chia said.

He added that the strategy is not new, but that CDL has been implementing it. CDL, for example, redeveloped the former Boulevard Hotel on Orchard Boulevard into Boulevard 88, a freehold 154-unit luxury condominium, and The Singapore EDITION Hotel. The former Robina House office building on Shenton Way was redeveloped into One Shenton, a mixed-use development with 352 units. According to Mr Chia, CDL contributes about 8% to 12% of new home sales each year, or 1,000 units. CDL sold 1,318 units in 2020, ranging from executive condominiums to high-end luxury projects.

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