CDL already owns 84% or 126 of the 150 strata commercial and residential units at Delfi Orchard. The acquisition of the remaining units will allow the company to "potentially unlock the full potential of this prime freehold asset", said Sherman Kwek, CDL's group CEO. "With several redevelopments anchoring the planned transformation for this part of the Orchard Road precinct, this is an exciting opportunity for us to participate in the rejuvenation efforts."
Delfi Orchard is located at 402 Orchard Road, next to the 656-key Orchard Hotel Singapore and Claymore Connect mall. The hotel was sold to CDL Hospitality Trust in 2006 on a leasehold basis. However, CDL has retained a freehold reversionary interest in Orchard Hotel and Claymore Connect. CDL also owns Palais Renaissance, which is located across Claymore Road.
Singapore-listed City Developments Ltd (CDL) has won the collective sale tender for Delfi Orchard at $439 million. The 11-storey, freehold strata-titled commercial building was launched for tender on April 18 at a guide price of $438 million, with Savills Singapore as the exclusive marketing agent.
The tender for the collective sale closed on May 27 and is said to have drawn a handful of bids. The highest bid of $439 million was from CDL's wholly-owned subsidiary, CDL Draco Pte Ltd. The sale price of $439 million works out to about $3,346 psf per plot ratio (ppr) based on the existing gross floor area (GFA) of 131,186 sq ft.
