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CDL sells Silicon Valley multifamily asset for US$143.5 mil

EdgeProp Singapore

/ EdgeProp Singapore

November 20, 2025 9:03 AM SGT

propertyeditor@edgeprop.sg

propertyeditor@edgeprop.sg

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1250 Lakeside comprises 250 units (Picture: City Developments)

1250 Lakeside comprises 250 units (Picture: City Developments)

SINGAPORE (EDGEPROP) - Millennium & Copthorne Hotels, a wholly-owned subsidiary of City Developments Limited (CDL), has completed the sale of 1250 Lakeside, a multifamily asset in Sunnyvale, California. The 250-unit asset was sold for US$143.5 million (about $186.8 million) to a US-based institutional investor, says CDL in a Nov 20 release. The asset was launched for sale in May through an expression of interest exercise that closed in July.

The property, located in a prime Silicon Valley corridor near major tech companies, was formerly Four Points by Sheraton Sunnyvale. The group redeveloped the 385,000 sq ft freehold site into a mixed-use project comprising 1250 Lakeside, which was completed in 2021, and the upcoming 263-room M Social Hotel Sunnyvale, which is expected to be completed in 2H2026.

CDL group CEO Sherman Kwek stated, “The divestment of 1250 Lakeside exemplifies our disciplined focus on capital recycling and active portfolio management. As a non-core, standalone asset in the US with limited operational scale in the multifamily space, this transaction enables us to reduce gearing and redeploy the capital to maximise shareholder returns.”

Read also: CDL reports completion of Piccadilly Grand, sale of Piccadilly Galleria in 3Q2025 operational update

Following this sale, CDL's global living sector portfolio now comprises approximately 7,600 multifamily units and student accommodation beds across Singapore, Japan, the UK and Australia, with a total gross development value of about $3.7 billion.

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