CityDev and partner sign JV to acquire Sumang Walk land for $509 mil and build EC after winning bid

By Samantha Chiew
/ The Edge Singapore |
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SINGAPORE (Mar 8): City Developments (CDL) says subsidiary CDL Constellation will now enter into a JV agreement TID Residential (TIDR).
This comes after HDB on Wednesday officially awarded the Sumang Walk property to the two parties.
TIDR is a subsidiary of Hong Leong Holdings (HLH) and Hong Leong Investment Holdings (HLIH) is the ultimate holding company of HLH. And HLH and HLIH are also controlling shareholders of CDL.
An LRT Train travels within Punggol
Punggol, an up-and-coming area (Credit: Samuel Isaac Chua/The Edge Singapore)
The two partners had on Feb 27 entered into an MOU to jointly submitted a bid to the Housing & Development Board (HDB) to acquire the piece of land at Sumang Walk for $509.4 million and develop it into an Executive Condominium.
The interest holdings of CDL Constellation and TIDR in the Sumang Walk property project are 60% and 40% respectively.
This story, written by Samantha Chiew for The Edge Singapore, first appeared on March 8.

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