Singapore CDL Forms JV With US Bank To Buy Over Its Own High-End Apartments

Nov 5, 2007

Singapore property developer City Developments (CDL) and U.S bank Wachovia Corp have formed a joint venture to buy two high-end apartment tower blocks at one of CDL's projects for $432.4 million.

CDL said the two blocks, consisting of a total of 44 units, are at the Cliveden at Grange along Grange Road.

The average price for the units purchased work out to $3,750 per square foot.

Under their agreement, Wachovia will own 60 per cent of the venture while CDL owns the rest.

CDL Executive Chairman Kwek Leng Beng said in a statement the deal is in line with CDL's business strategy of leveraging on the capital appreciation potential of its developments.