An IOI spokesperson declined to comment. CDL didn’t immediately respond to an emailed query.
City Developments Ltd. agreed to sell its majority stake in one of Singapore’s most iconic office complexes, according to a person familiar with the matter, as the developer seeks to reduce debt and regain investor confidence after a family feud rocked the firm.
CDL will sell its 50.1% stake in South Beach to minority owner IOI Properties Group Bhd, the person said, requesting not to be identified because the information is private. Malaysian developer IOI will have full ownership following the deal. The deal values the complex at about $2.75 billion, the person said.
