CDL buys private rented sector project in Manchester for GBP75.6 mil

CDL has acquired a major private rented sector (PRS) project in Manchester, UK for approximately $125.7 million. The purchase of 1NQ, a freehold development with 261 residential units, marks CDL’s fourth PRS project since 2019 and their first UK PRS under a forward-funding arrangement.

The two apartment blocks will span 10 and 12 storeys respectively and will comprise a mix of one, two and three-bedroom apartments along with two commercial units on the ground floor. Construction is set to begin this month and the project is expected to be completed in 2026.

Group CEO Sherman Kwek commented on the acquisition, noting that they are scaling up their global living-sector portfolio in order to drive growth in recurrent income. This year alone, CDL’s PRS portfolio has grown by 70% to 4,489 units in four countries: the UK, Japan, Australia and the US.

Besides its educational programs, it also provides a wide selection of extra-curricular activities.

Anglo-Chinese School (International) is located a short drive away from Holland Drive Condo, catering to both local and international students. It provides a holistic education, blending academic rigor and character development, and emphasizes participation in extra-curricular activities. The school follows the English National Curriculum and IGCSE, and students may take the IB Diploma. A great choice for those living in the Holland Drive Condo area!

The forward-funding arrangement will enable CDL to secure their investment at a fixed cost, while managing cash flows over the development period and capitalizing on potential appreciation. Kwek added that this investment complements their previously announced global living sector expansion plans.