CDL sells Quayside Isle in Sentosa Cove for $97.3 mil

Atiqah Mokhtar

/ EdgeProp Singapore

December 16, 2025 11:57 AM SGT

propertyeditor@edgeprop.sg

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F&B outlets at Quayside Isle (Picture: Samuel Isaac Chua/EdgeProp Singapore)

City Developments (CDL) has announced the sale of Quayside Isle, a commercial development along the Sentosa Cove waterfront, for $97.3 million. The price works out to $2,205 psf on the development’s total net lettable area of 44,121 sq ft.

The price is 12.3% lower than CDL’s asking price of $111 million for Quayside Isle when it was put on the market. The company had launched the site for sale in September via an expression of interest (EOI), which closed in October.

Still, the selling price represents a 47% premium to the asset’s book value of $66 million, states CDL in a Dec 16 release. It adds that the EOI saw a competitive process, with “strong interest from local and international investors”.

Quayside Isle comprises two commercial blocks spread across a 90,000 sq ft site with a 200m waterfrontage. Completed in 2012, it is part of CDL’s 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, which is the only commercial site in Sentosa Cove, in 2006 for $255 million. The site now has about 80 years left on its 99-year lease.

“The strong investor interest we received for Quayside Isle and the sale outcome reaffirms continued investor demand for high-quality, income-generating assets,” says Sherman Kwek, CDL’s group CEO. “This divestment, which sees us exiting at a 2.6% cap rate, aligns with our disciplined capital recycling focus, enabling us to unlock value while maintaining a prudent and balanced approach to capital management.”

The sale marks CDL’s eighth divestment this year. In Singapore, the group’s divestments also include the sale of its 50.1% stake in South Beach, along with the sales of City Industrial Building, a light industrial building at Tannery Lane, and Piccadilly Galleria, the retail podium at Piccadilly Grand in Farrer Park.

Outside of Singapore, the company divested US hotel assets, Millennium Hotel St Louis and Comfort Inn Near Vail Beaver Creek, along with US multifamily residential property 1250 Lakeside. It also sold the Bespoke Hotel Osaka Shinsaibashi, located in Japan.

According to the group, the sale of Quayside Isle brings its total amount of divestments secured to around $2 billion for 2025, outpacing its total acquisitions of about $1.7 billion for the year.

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CDL sells Quayside Isle in Sentosa Cove for $97.3 mil

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