Singapore's CDL completes South Beach stake sale to IOI Properties for RM2.75b

• This sale gives the Malaysian developer full ownership over the South Beach mixed-used development, which includes South Beach Tower, South Beach Avenue, and the JW Marriott Hotel Singapore South Beach.

SINGAPORE (Sept 1): City Developments Ltd's (CDL) wholly owned subsidiary Ascent View Holdings has completed the disposal of its stake in Scottsdale Properties, the holding company of South Beach Consortium.

Ascent View Holdings sold its 50.1% stake to IOI Properties Group Bhd (KL:IOIPG), which already owned 49.9% of Scottsdale, for RM2.75 billion. This sale gives the Malaysian developer full ownership over the South Beach mixed-used development (pictured), which includes South Beach Tower, South Beach Avenue, and the JW Marriott Hotel Singapore South Beach.

IOI has paid S$835.29 million (RM2.74 billion) in cash, inclusive of the deposit of S$41.25 million previously paid, to CDL...(click here for the story on theedgesingapore.com).

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.