SINGAPORE (Apr 5): Kwek Leng Beng, executive chairman of City Developments, has his own views on what could make Sentosa an exciting place for a property investor.
In 2014, CDL formed Profit Participation Security (PPS1) from the securitisation of Quayside Collection at $1.5 billion, with partners Blackstone Group and CIMB Bank.
The mixed-use Quayside Collection on Sentosa Island comprises a 240-room luxury hotel, retail space of 44,121 sq ft and 228 residential units with a net lettable area of 418,682 sq ft that CDL had been struggling to sell.
According to the URA Draft Master Plan 2019, the Greater Southern Waterfront, which extends from Pasir Panjang to Marina East, will be transformed into a new major gateway and location for urban living along Singapore’s southern coast.
Part of the plan involves redeveloping the site occupied by Keppel Club for housing. In the future, after the City Terminals and Pasir Panjang Terminal relocate to Tuas, about 1,000ha will be freed up for development, URA has said
Together with other areas such as the Keppel Club site and Sentosa, the total area of the Greater Southern Waterfront will be about 2,000 ha. Part of the redevelopment is likely to start within the next five to 10 years.
So how can investors play the Draft Master Plan 2019? For this and more, login here to read the full story which appears in Issue 875 (week of Apr 8) or click here to subscribe.
