Wing Tai Holdings is divesting its 50% stake in the 156-unit Nouvel 18 to City Developments for $410.96 million. Following the transaction, CDL will own 100% of the property.

“Both the company and Wing Tai had considered ways to optimise their interests in Summervale, which is the owner and developer of Nouvel 18, a prime development project, and agreed that the consolidation of the equity interests in Summervale under one party would provide flexibility for plans relating to Summervale,” CDL said in an announcement. 

Nouvel 18 was owned and developed by Summervale Properties.