Singapore-listed City Development Ltd (CDL) has won the collective sale tender for a commercial block in Singapore鈥檚 main tourist shopping thoroughfare, Orchard Road, for S$439m (鈧�300m).
CDL already owns 84 units in the 11-storey freehold strata-titled building, known as Delfi Orchard.
Sherman Kwek, CDL鈥檚 CEO, said the acquisition of the remaining units would allow the company to unlock the full potential of the prime freehold asset.
鈥淲ith several redevelopments anchoring the planned transformation for this part of the Orchard precinct, this is an exciting opportunity for us to participate in the rejuvenation efforts.鈥�
According to CDL, there is a potential to tap into the Urban Redevelopment Authority鈥檚 strategic development incentive scheme, which the company may explore in the near future.
The scheme encourages the redevelopment of older buildings in strategic areas such as Orchard Road, in line with the broader planning design to breathe new life into jaded areas.
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