{"id":123585,"date":"2021-12-03T02:09:10","date_gmt":"2021-12-02T19:09:10","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-to-acquire-central-square-for-315mil\/"},"modified":"2021-12-03T10:18:35","modified_gmt":"2021-12-03T03:18:35","slug":"cdl-to-acquire-central-square-for-315mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-to-acquire-central-square-for-315mil\/","title":{"rendered":"CDL to acquire Central Square for $315mil"},"content":{"rendered":"


\nLocated at 20 Havelock Road, Central Square will be redeveloped into a mixed-use development, with a serviced residence, retail and office units. Source: Google\u00a0Maps
\nCity Developments Limited (CDL) is set to redevelop its Central Mall properties, including its surrounding area, into a large-scale mixed-use development, it announced on Thursday (2 December).
\nThis comes after the proposed acquisition of Central Square for $315 million.
\nNotably, CDL\u2019s wholly-owned subsidiary, CDL Constellation, has entered into a put and call option agreement to purchase Central Square from Far East Hospitality Real Estate Investment Trust (Far East H-REIT) for $313.2 million as well as the reversionary leasehold interest from OPH Riverside for $1.8 million.
\nSituated at 20 Havelock Road, Central Square is a 99-year leasehold commercial and residential development, comprising a serviced residence as well as commercial spaces including retail and office units. It has a remaining lease tenure of about 72 years.
\nCDL revealed that the transaction includes \u201can incentive payment of up to $18 million above the purchase consideration, subject to certain conditions being met by 31 December 2023, including getting planning approval for residential use\u201d.
\nIn an SGX filing, Far East H-REIT noted that the divestment consideration for the property represents a 57.9% premium on the $198.3 million independent valuation as of 31 December 2020 and a 70.8% premium on its $183.3 million original purchase price in August 2012.
\nCDL presently owns the Central Mall site, which spans 81,660 sq ft. It comprises the freehold seven-storey Central Mall (office tower) and a cluster of conservation shophouses nestled on a 99-year leasehold site that comes with a remaining lease of about 71 years.
\nUpon completion of Central Square\u2019s acquisition in Q1 2022, CDL intends to redevelop all the sites under the Strategic Development Incentive (SDI) Scheme of the Urban Redevelopment Authority (URA).
\n\u201cThe Outline Permission obtained for the redevelopment of the existing sites into a mixed-use development allows for commercial, hospitality and serviced apartment components, potentially yielding a gross floor area (GFA) uplift of 67% to approximately 735,500 sq ft from the current GFA of 441,650 sq ft,\u201d said CDL.
\nCDL Group CEO Sherman Kwek shared that Central Square\u2019s acquisition crystallises the group\u2019s master plan \u201cto shape precinct\u2019s transformation into a new and vibrant lifestyle hub\u201d.
\n\u201cThis rare placemaking opportunity augments our role in rejuvenating the Singapore River precinct and aligns with our enhancement strategy to unlock the latent value of our matured assets,\u201d he said.
\n\u201cWith the enlarged site, we can take a multi-faceted approach to the planning and design of the entire area and shape the public realm to maximise value for all stakeholders in this precinct.\u201d
\nHe added that it also marked their third rejuvenation initiative within the Central Area.
\nCDL, along with CapitaLand Development, is also redeveloping the former Liang Court site into an integrated project.
\nIt has also started the redevelopment of the former Fuji Xerox Towers at 80 Anson Road.
\nThe proposed redevelopment will consist of a 45-storey mixed-use integrated project, of which 40% will be set aside for retail and office purposes, 35% for residential and 25% for serviced apartments.
\nThe residential component, comprising around 256 units, is set for launch in 2H 2022.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CDL to acquire Central Square for 5mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Located at 20 Havelock Road, Central Square will be redeveloped into a mixed-use development, with...<\/p>\n","protected":false},"author":1,"featured_media":123586,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-123585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/central-square.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-w9j","jetpack-related-posts":[{"id":96181,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-capitaland-bags-prime-site-in-sengkang-central\/","url_meta":{"origin":123585,"position":0},"title":"CDL-CapitaLand bags prime site in Sengkang Central","date":"August 17, 2018","format":false,"excerpt":"\r A joint venture (JV) between CapitaLand and City Developments Ltd (CDL) has clinched a prime mixed-use site in the heart of Sengkang Central for $777.78 million ($923.6 psf ppr), announced the Urban Redevelopment Authority (URA) on Thursday (16 August). The JV said the 3.7ha (401,008 sq ft) site is\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53665,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-awarded-tampines-condo-site\/","url_meta":{"origin":123585,"position":1},"title":"CDL awarded Tampines condo site","date":"May 4, 2017","format":false,"excerpt":"\r The 99-year leasehold site is located close to the future Tampines West MRT station. Image source: URA Bellevue Properties, a unit of City Developments Limited (CDL), beat eight other bidders to win the tender for a residential site at Tampines Avenue 10 (Parcel C), the Urban Redevelopment Authority said\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/05\/Tampines-Avenue-10.jpg?fit=795%2C295&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":52924,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-unit-submits-top-bid-for-tampines-site\/","url_meta":{"origin":123585,"position":2},"title":"CDL unit submits top bid for Tampines site","date":"April 26, 2017","format":false,"excerpt":"\r The top bid of $370.1 million for the 99-year leasehold site works out to about $565 psf on the land. Source: URA The tender for a 2.17ha residential site at Tampines Avenue 10 (Parcel C) closed yesterday after attracting nine bids from property developers, said the Urban Redevelopment Authority\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/04\/Tampines-Avenue-10.jpg?fit=795%2C295&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":35806,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-dominates-south-east-asia-property-awards-singapore-2016\/","url_meta":{"origin":123585,"position":3},"title":"CDL dominates South East Asia Property Awards (Singapore) 2016","date":"November 25, 2016","format":false,"excerpt":"\r CDL took home the year\u2019s highest honour for Best Developer in Singapore. Property giant City Developments Limited (CDL) emerged as the big winner at the annual South East Asia Property Awards (Singapore) 2016. 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