At this agreed purchase price, South Beach has an implied property value of $2.75 billion, which is a 3% premium over the valuation of $2.67 billion accorded by Edmund Tie & Company as of last December.
City Developments will be selling its 50.1% stake in South Beach development to joint venture partner IOI Properties Group for $834.2 million and book a gain on disposal of some $465 million in the current FY2025.
The partners now own this mixed-use integrated development along Beach Road via an entity called Scottsdale Properties.
