Archive for category: Misc

City Developments Limited (CDL) is making an investment of GBP88 million ($148.6 million) to further expand its private rented sector (PRS) portfolio in the UK. The company has acquired Yardhouse, a 250-year leasehold site that will be developed into a 17-storey apartment block with 209 co-living studio units, totaling 102,600 sq ft of gross floor area.

This acquisition adds up to CDL’s global living sector portfolio, which includes 4,771 operational and pipeline units in the UK, Japan, Australia, and the US.

“This aligns with our strategic focus to grow our global living sector portfolio, which will increase our recurring income and support our fund management ambitions,” said CDL’s group CEO Sherman Kwek.

Located across from Imperial College’s 23-acre campus and within walking distance of Westfield London, UK’s largest shopping center, Yardhouse is expected to be completed in 2026. CDL will be forward-funding this PRS project.

In addition, the area is served by a plethora of bus routes and taxis, making it incredibly convenient for residents to get around the city.

The coveted Holland Village is widely recognized as a prime residential and commercial area in Singapore. Its central location and diverse amenities make it a highly sought-after neighborhood for both locals and expats alike. One of its most notable features is its excellent connectivity, with Holland Drive Condo being a major transportation hub. The Holland Village MRT station, situated at the heart of the area, provides easy access to various parts of Singapore through the Circle Line and other major lines. Additionally, the abundance of bus routes and taxis in the vicinity makes it extremely convenient for residents to navigate the urban landscape. With its excellent transportation network, Holland Drive Condo is the ideal destination for those seeking a convenient and well-connected lifestyle in Singapore.

Kwek acknowledged the macroeconomic and geopolitical challenges but stated that the UK PRS has proven to be a resilient asset class with strong operational performance. “With its prime location in a rapidly growing district, Yardhouse is well-positioned to take advantage of the demand for flexible and professionally managed communal living solutions,” he added.

This will be CDL’s first co-living scheme in the UK and its fifth PRS project since 2019. The Junction in Leeds was the company’s first PRS project, with 665 units that have obtained full practical completion last year and have achieved rents that have surpassed business plan targets.

In 2021, CDL made two more acquisitions: The Castings, a 352-unit forward-funded project by CDL Hospitality Trusts (CDLHT) in Manchester, and The Octagon, a project with 370 units in Birmingham.

In November 2023, CDL acquired its second PRS in Manchester, 1NQ, a 261-unit forward-funded project.

With these new acquisitions, CDL is positioned to become a major player in the UK PRS market and continue its growth in the global living sector.