CDL launches Quayside Isle — Sentosa Cove’s only waterfront retail lifestyle hub — for $111 million

/ EdgeProp Singapore

September 3, 2025 9:00 AM SGT

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Quayside Isle is a retail and lifestyle hub fronting the marina, developed alongside W Singapore Sentosa Cove and the Residences at W Singapore Sentosa Cove (Photo: Samuel Isaac Chua/EdgeProp Singapore)

David Lee, founder of Greenwood Fish Market, opened his first outlet in Bukit Timah 24 years ago. In 2016, he expanded to Quayside Isle at Sentosa Cove, drawn by its waterfront setting: “It fronts the marina and the boats — my first love.”

That passion has fuelled Greenwood Fish Market’s growth into a flagship destination at Quayside Isle. Spanning 7,000 sq ft across three and a half units, the outlet seats 220 diners. A family restaurant, it features seven distinct concepts, including Western, Japanese, and Asian kitchens, an oyster bar, and the Clipper Bar.

The first year at Quayside Isle was tough — “as with any new location,” says Lee — but Greenwood Fish Market soon found its footing. Its loyalty programme helped attract regulars, including those from the mainland. Today, the restaurant serves 250 to 400 patrons on weekends with a record 600 covers in a single day during the Singapore Yacht Show. It holds an annual World Oyster Festival promotion every July and August, and this year, sales of oysters were close to 50,000 in two months, surpassing last year’s sales.

Greenwood Fish Market, an anchor tenant at Quayside Isle, occupies a 7,000 sq ft area with 220 seating capacity at the single-storey block (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Lee recognised early on that Sentosa Cove residents would value variety and convenience. To meet their needs, the outlet features a fresh market selling seafood, meats, and vegetables, alongside a corner deli stocked with cheeses, wines, and in-house-baked breads, including sourdough and rye, as well as cheese buns. “There are 6,000 to 7,000 residents living in Sentosa Cove today,” he notes.

His affinity for Sentosa extends beyond his business interests. After renting at the neighbouring Residences at W Singapore Sentosa Cove for eight years, Lee purchased a unit last year. “One balcony looks out to ONE°15 Marina, and the other faces the Cruise Centre and Marina Bay Sands. Where else in Singapore can you get such a view?” he says.

David Lee, founder of Greenwood Fish Market, chose the location at Quayside Isle as it fronts the marina and the boats — “my first love” (Photo: Samuel Isaac Chua/EdgeProp Singapore)

A lifestyle destination

Greenwood Fish Market may be the anchor tenant, but other long-time food and beverage (F&B) operators have also helped cement Quayside Isle as a lifestyle hub. These include Greek restaurant Mykonos, Italian eatery SolePomodoro Trattoria Pizzeria, and Blue Lotus Chinese Eating House. Mediterranean restaurant Miska, Thai restaurant Gin Khao, Two Chefs Bar (serving Mexican and Italian cuisine), and Sabio by the Sea (a Spanish grill and tapas bar) add to the mix.

Non-F&B tenants that have been part of the enclave for over a decade include Hera Beauty hair salon, Jason’s Deli, Quayside Isle Preparatory School, and Straits Wine Company. Newer additions include Common Man Coffee Roasters, Rock Bar Burger and Steakhouse, as well as The Culinary Academy, a dance studio, and a martial arts school.

Quayside Isle comprises two blocks — one single-storey, the other double-storey — with a net lettable area (NLA) of 44,121 sq ft. Set on a site of 89,683 sq ft, it boasts over 200m of prime uninterrupted marina frontage and a 78-lot basement carpark. As of now, more than 90% of its retail space is leased.

Crowd at Rock Bar Burger and Steakhouse on a Friday evening (All photos by Samuel Isaac Chua/EdgeProp Singapore)

Tenants at the two-storey block of Quayside Isle include Mediterranean restaurant Miska, Northern Indian restaurant Shaan and Common Man Coffee Roasters

Longtime tenants include Greek restaurant Mykonos and Two Chefs Bar (serving Mexican and Italian cuisine)

Quayside Isle up for sale

On Sept 3, joint exclusive marketing agents CBRE and Knight Frank launched Quayside Isle for sale via an expression of interest (EOI) at $111 million, or $2,516 psf on NLA. The exercise closes Oct 15.

“The time is ripe to crystallise its value, following the divestment of W Singapore – Sentosa Cove to CDL Hospitality Trusts in 2020 and the strong response to the sale of residences within our Quayside Collection development,” says Gerald Yong, CDL’s chief investment officer.

Quayside Isle comprises two commercial blocks with a total net lettable area of 44,121 sq ft spread across a 90,000 sq ft site with a 200m waterfrontage (Photo: City Developments Ltd)

Completed in 2012, Quayside Isle is part of the integrated development known as The Quayside Collection, which also comprises the 240-room W Singapore Sentosa Cove and the 228-unit Residences at W Singapore Sentosa Cove. CDL secured the site in 2006 for $255 million. The site now has 80 years left on its 99-year lease.

“Since opening, Quayside Isle has become the anchor lifestyle hub of the Sentosa Cove marina — fulfilling our vision for this master planned waterfront community,” adds CDL’s Yong.

Gerald Yong, CDL CIO: The time is ripe to crystallise its value, following the divestment of W Singapore – Sentosa Cove to CDL Hospitality Trusts in 2020 and the strong response to the sale of residences within our Quayside Collection development (Photo: CDL)

Positioning for growth

Besides patronage from affluent Sentosa Cove residents, Quayside Isle benefits from steady visitor inflows, given Sentosa’s position as one of Singapore’s top leisure destinations. It also attracts crowds during world-class events such as the Singapore Yacht Show, international regattas, and golf tournaments at Sentosa Golf Club.

The divestment aligns with CDL’s capital recycling and portfolio optimisation strategy. Last year, CDL divested over $600 million worth of assets globally, including Singapore’s freehold Cideco Industrial Complex and strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza.

By Aug 13, CDL had reported more than $1.5 billion in contracted divestments for 1H2025, led by the $834.2 million sale of its 50.1% stake in South Beach’s commercial component to JV partner IOI Properties Group. Other disposals included its 50% stake in Piccadilly Galleria for just below $65 million and various strata assets across Singapore.

Sentosa’s transformation is led by Resorts World Sentosa’s $6.8 billion RWS 2.0 expansion (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Sentosa’s transformation

Yong believes Quayside Isle will flourish under new stewardship, buoyed by the transformation taking place on Sentosa Island. “Being the only retail site on Sentosa Cove, Quayside Isle is a trophy waterfront asset with stabilised occupancy and many long-term tenants,” he says.

Sentosa’s transformation is led by Resorts World Sentosa’s $6.8 billion RWS 2.0 expansion. It includes new hotels with over 700 rooms, the upcoming luxury Laurus hotel, and fresh dining and lifestyle concepts such as the Weave complex. Attractions such as the Singapore Oceanarium, which opened in July, Minion Land (opened in February) at Universal Studios Singapore, and Super Nintendo World (coming soon) further boost the appeal.

The Sentosa-Brani Master Plan, announced in 2019, also envisions a global tourism hub with hotels, waterfront promenades, MICE facilities, and leisure zones, capitalising on the two islands’ natural tropical landscape. Sensoryscape, a 30,000 sq m experiential attraction, opened in 2024 as part of this longer-term plan.

Michael Tay of CBRE: Combined with Sentosa’s landmark initiatives, Quayside Isle is well-positioned for sustained rental and capital appreciation (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Melvin Chay of Knight Frank: Quayside Isle offers both resilient daily patronage and upside from growing tourism and events. It’s a rare chance to secure a prime waterfront retail asset with long-term growth potential (Photo: Knight Frank Singapore)

Singapore welcomed 16.5 million visitors in 2024, with arrivals projected to reach 18.5 million in 2025. “Combined with Sentosa’s landmark initiatives, Quayside Isle is well-positioned for sustained rental and capital appreciation,” says Michael Tay, CBRE’s deputy managing director and head of capital markets.

Melvin Chay, Knight Frank’s senior director of capital markets, adds: “Quayside Isle offers both resilient daily patronage and upside from growing tourism and events. It’s a rare chance to secure a prime waterfront retail asset with long-term growth potential.”

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