Singapore Property - Maybank Kim Eng Research 2016-07-06: CityDev acquires Wing Tai’s 50% stake in Nouvel 18
Singapore PropertyWING TAI HLDGS LTDW05.SI CITY DEVELOPMENTS LIMITEDC09.SI Singapore Property - CityDev acquires Wing Tai’s 50% stake in Nouvel 18
CityDev assumes full ownership of Nouvel 18
- CityDev acquired Wing Tai’s 50% stake in Nouvel 18, a 156-unit high-end project in the prestigious Ardmore locale, for SGD411m.
- By acquiring its joint venture partner’s stake, CityDev has assumed full ownership of this project.
- With the streamlining of its shareholding structure, we expect CityDev to aggressively market this project as a bulk sale or build a structured product with it to avoid incurring significant Qualifying Certificate (QC) charges.
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