Latest news with #NormanFoster-designed
Business Times
5 days ago
- Business
- Business Times
CDL selling its 50.1% South Beach stake to its Malaysian partner IOI for S$834 million, yielding S$465 million gain
[SINGAPORE] City Developments Limited (CDL) has agreed to sell its 50.1 per cent stake in the South Beach mixed project to its Malaysian partner, IOI Properties Group (IOIPG), for about S$834.2 million. The deal values the complex at about S$2.75 billion, which represents a premium of about 3 per cent over the most recent valuation of S$2.67 billion as at Dec 31, 2024. The transaction is expected to result in a gain on disposal of about S$465 million for the financial year ending Dec 31, 2025, CDL said on Wednesday (Jun 4). IOIPG will take full ownership of South Beach's commercial components upon completion in the second half of 2025. CDL added that the sale price was based on 50.1 per cent of the consolidated net assets of Scottsdale Properties, which owns South Beach Consortium, which in turn owns South Beach. IOI noted in a bourse filing that Scottsdale's liabilities of S$1.16 billion were also factored in. Cash proceeds from the proposed divestment will enable CDL to reduce bank borrowings and improve its net gearing ratio, the group said. Capital from the sale will also be used to pursue new acquisitions, invest in upcoming pipeline development projects and optimise capital management. Assuming that the deal had been completed at the end of FY2024, the group's net gearing ratio would have fallen to 103 per cent, from 117 per cent, CDL said. It would have logged earnings of S$638.5 million, up from S$190.8 million, had the deal been completed at the beginning of FY2024. Earnings per share would have risen to S$0.712, from S$0.213. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up CDL's board believes the sale supports positive returns for the group's business and aligns with its strategic focus on capital recycling. It said the Beach Road property has reached maturity and has been delivering 'strong occupancy and stable income'. Sherman Kwek, CDL's group chief executive, said: 'Having fulfilled our vision for South Beach – from securing the land site via a rigorous tender process in 2007, navigating macroeconomic challenges, to transforming it into the high-performing, stabilised asset it is today – it is now time to crystallise its value.' The Norman Foster-designed project in Singapore's Central Business District includes retail space, a 34-storey office tower and a 45-storey building housing JW Marriott Hotel Singapore. As at Mar 31, South Beach's office and retail components posted committed occupancy of 92.4 per cent and 92.5 per cent, respectively, CDL said on Wednesday. Major tenant Meta Platforms last year gave up seven floors of space at the office tower; the exit brought occupancy down to 92.4 per cent from 94.4 per cent at the end of last year. CDL acquired the site through a government land sale for nearly S$1.7 billion in 2007, with two foreign partners – a unit of state-owned Dubai World, and El-Ad Group. Based on a Bloomberg report, the global financial crisis led to a years-long delay in construction. The two partners exited the project, with IOIPG eventually taking a minority stake in 2011. Kwek Leng Beng, executive chairman of CDL, resisted letting IOIPG take an equal stake in order to maintain control, based on a biography published in 2023, Bloomberg said. In CDL's statement on Wednesday, the elder Kwek said: 'South Beach began as a bold vision to enhance Singapore's reputation as a global city, attract international investors and create a new icon that blends modern, sustainable architecture while preserving the site's conserved buildings.' IOIPG group CEO Lee Yeow Seng said: 'The acquisition of a 100 per cent equity stake in this landmark development marks a significant strategic expansion for IOIPG in Singapore. Combined with the IOI Central Boulevard Towers and W Singapore Marina View hotel, this acquisition will elevate the group's profile as one of the major landlords of premium office space and a prominent player in the hospitality industry within the Republic.' The Malaysia-listed group is controlled by the Lee family, which made its fortunes from palm oil. CDL shares were up 2.1 per cent or S$0.10 at S$4.97 on Wednesday as at 3.24 pm, after its trading halt was lifted. The group said in 2024 that it aimed to divest S$1 billion in assets, and has announced about S$600 million in divestment so far. News of the South Beach sale comes in the wake of a public feud between father and son in CDL's Kwek family, which erupted in late February. While they have since buried the hatchet, the younger Kwek acknowledged at CDL's annual general meeting in April that the dispute had hurt shareholders' confidence. He also identified reducing the growing debt load as a priority.
Business Times
5 days ago
- Business
- Business Times
CDL selling its 50.1% South Beach stake to partner Malaysia's IOI for S$834 million, yielding S$465 million gain
[SINGAPORE] City Developments Limited (CDL) has agreed to sell its 50.1 per cent stake in the South Beach mixed project to partner Malaysia's IOI Properties Group (IOIPG) for about S$834.2 million. The deal values the complex at about S$2.75 billion, which represents a premium of about 3 per cent over the latest valuation of S$2.67 billion as at Dec 31, 2024. The transaction is expected to result in a gain on disposal of about S$465 million for the financial year ending Dec 31, 2025, CDL said on Wednesday (Jun 4). IOIPG will take full ownership of South Beach's commercial components upon completion in the second half of 2025. CDL added that the sale price was based on 50.1 per cent of the consolidated net assets of Scottsdale Properties, which owns South Beach Consortium, which in turn owns South Beach. It also takes into account an agreed property value of S$2.75 billion and Scottsdale's liabilities of S$1.16 billion. Cash proceeds from the proposed divestment will allow CDL to reduce bank borrowings and improve net gearing ratio, the group said. Capital from the sale will also be used to pursue new acquisitions, invest in upcoming pipeline development projects and optimise capital management. Assuming that the deal had been completed at the end of FY2024, the group's net gearing ratio would have fallen to 103 per cent, from 117 per cent, CDL said. It would have logged earnings of S$638.5 million, up from S$190.8 million, had the deal been completed at the beginning of FY2024. Earnings per share would have risen to S$0.712, from S$0.213. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up CDL's board believes the sale supports positive returns for the group's business and aligns with its strategic focus on capital recycling. It said the Beach Road property has reached maturity and has been delivering 'strong occupancy and stable income'. Sherman Kwek, CDL's group chief executive, said: 'Having fulfilled our vision for South Beach – from securing the land site via a rigorous tender process in 2007, navigating macroeconomic challenges, to transforming it into the high-performing, stabilised asset it is today – it is now time to crystallise its value.' The Norman Foster-designed project in Singapore's Central Business District includes retail space, a 34-storey office tower and a 45-storey building housing JW Marriott Hotel Singapore. As at Mar 31, South Beach's office and retail components posted committed occupancy of 92.4 per cent and 92.5 per cent, respectively, CDL said on Wednesday. Major tenant Meta Platforms last year gave up seven floors of space at the office tower, with the exit bringing occupancy down to 92.4 per cent, compared with 94.4 per cent at the end of last year. CDL acquired the site at a government land sale for nearly S$1.7 billion in 2007, with two foreign partners – a unit of state-owned Dubai World, and El-Ad Group. Based on a Bloomberg report, the global financial crisis led to a years-long delay in construction and the two partners exited the project, with IOIPG eventually taking a minority stake in 2011. Kwek Leng Beng, executive chairman of CDL, resisted allowing IOIPG to take an equal stake in order to maintain control, based on a biography published in 2023, Bloomberg said. In CDL's Wednesday statement, the elder Kwek said: 'South Beach began as a bold vision to enhance Singapore's reputation as a global city, attract international investors and create a new icon that blends modern, sustainable architecture while preserving the site's conserved buildings.' IOIPG group CEO Lee Yeow Seng said: 'The acquisition of the 100 per cent equity stake in this landmark development marks a significant strategic expansion for IOIPG in Singapore. Combined with the IOI Central Boulevard Towers and W Singapore – Marina View hotel, this acquisition will elevate the group's profile as one of the major landlords of premium office space and a prominent player in the hospitality industry within the Republic.' The Malaysia-listed group is controlled by the Lee family, which made its fortunes from palm oil. CDL shares were up 2.1 per cent or S$0.10 at S$4.97 on Wednesday as at 3.24 pm, after its trading halt was lifted. The group said in 2024 that it aimed to divest S$1 billion in assets, and has announced about S$600 million in divestments so far. News of the South Beach sale comes in the wake of a public feud between father and son in CDL's Kwek family, which emerged in late February. While they have since buried the hatchet, the younger Kwek acknowledged at CDL's annual general meeting in April that the dispute had hurt shareholders' confidence, and said reducing the growing debt load is a priority.
Business Times
5 days ago
- Business
- Business Times
CDL selling its 50.1% South Beach stake to partner IOI for S$834 million, yielding S$465 million gain
[SINGAPORE] City Developments Limited (CDL) has agreed to sell its 50.1 per cent stake in the South Beach mixed project to partner IOI Properties Group (IOIPG) for about S$834.2 million. The deal values the complex at about S$2.75 billion, which represents a premium of about 3 per cent over the latest valuation of S$2.67 billion as at Dec 31, 2024. The transaction is expected to result in a gain on disposal of about S$465 million for the financial year ending Dec 31, 2025, CDL said on Wednesday (Jun 4). IOIPG will take full ownership of South Beach's commercial components upon completion in the second half of 2025. CDL added that the sale price was based on 50.1 per cent of the consolidated net assets of Scottsdale Properties, which owns South Beach Consortium, which in turn owns South Beach. It also takes into account an agreed property value of the property of S$2.75 billion and Scottsdale's liabilities of S$1.16 billion. Cash proceeds from the proposed divestment will allow CDL to reduce bank borrowings and improve net gearing ratio, the group said. Capital from the sale will also be used to pursue new acquisitions, invest in upcoming pipeline development projects and optimise capital management. Assuming that the deal had been completed at the end of FY2024, the group's net gearing ratio would have fallen to 103 per cent, from 117 per cent, CDL said. It would have logged earnings of S$638.5 million, up from S$190.8 million, had the deal been completed at the beginning of FY2024. Earnings per share would have risen to S$0.712, from S$0.213. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up CDL's board believes the sale supports positive returns for the group's business and aligns with its strategic focus on capital recycling. It said the Beach Road property has reached maturity and has been delivering 'strong occupancy and stable income', the group said. Sherman Kwek, CDL's group chief executive, said: 'Having fulfilled our vision for South Beach – from securing the land site via a rigorous tender process in 2007, navigating macroeconomic challenges, to transforming it into the high-performing, stabilised asset it is today – it is now time to crystallise its value.' The Norman Foster-designed project in Singapore's Central Business District includes retail space, a 34-storey office tower, and a 45-storey building housing JW Marriott Hotel Singapore. As at Mar 31, South Beach's office and retail components posted committed occupancy of 92.4 per cent and 92.5 per cent, respectively, CDL said on Wednesday. Major tenant Meta Platforms last year gave up seven floors of space at the office tower, with the exit bringing occupancy down to 92.4 per cent, compared with 94.4 per cent at the end of last year. CDL acquired the site at a government land sale for nearly S$1.7 billion in 2007, with two foreign partners – a unit of state-owned Dubai World, and El-Ad Group. Based on a Bloomberg report, the global financial crisis led to a years-long delay in construction and the two partners exited the project, with IOIPG eventually taking a minority stake in 2011. Kwek Leng Beng, executive chairman of CDL, resisted allowing IOIPG to take an equal stake in order to maintain control, based on a biography published in 2023, Bloomberg said. In CDL's Jun 4 statement, the elder Kwek said: 'South Beach began as a bold vision to enhance Singapore's reputation as a global city, attract international investors and create a new icon that blends modern, sustainable architecture while preserving the site's conserved buildings.' IOIPG group CEO Lee Yeow Seng said: 'The acquisition of the 100 per cent equity stake in this landmark development marks a significant strategic expansion for IOIPG in Singapore. Combined with the IOI Central Boulevard Towers and W Singapore – Marina View hotel, this acquisition will elevate the group's profile as one of the major landlords of premium office space and a prominent player in the hospitality industry within the Republic.' The Malaysia-listed group is controlled by the Lee family, which made its fortunes from palm oil. CDL shares were up 2.1 per cent or S$0.10 at S$4.97 on Wednesday, shortly after its trading halt was lifted. The group said in 2024 that it aimed to divest S$1 billion in assets, and has announced about S$600 million in divestments so far. News of the South Beach sale comes in the wake of a public feud between father and son in CDL's Kwek family, which emerged in late-February. While CEO Kwek and his father and chairman Leng Beng have since buried the hatchet, the younger Kwek acknowledged at CDL's annual general meeting in April that the dispute had hurt shareholders' confidence, and said reducing the growing debt load is a priority.
Business Times
5 days ago
- Business
- Business Times
CDL to sell its 50.1% stake in South Beach development to partner IOI for S$834.2m
[SINGAPORE] City Developments Ltd (CDL) has agreed to sell its 50.1 per cent stake in office complex South Beach to project partner IOI Properties Group (IOIPG) for about S$834.2 million. The deal values the complex at about S$2.75 billion, which represents a premium of about 3 per cent over the latest valuation of S$2.67 billion as at Dec 31, 2024. The transaction is expected to result in a gain on disposal of about S$465 million for the financial year ending Dec 31, 2025, CDL said in a statement on Wednesday (Jun 4). Cash proceeds from the proposed divestment will allow CDL to reduce bank borrowings and improve net gearing ratio, the group said. Capital from the sale will also be used to pursue new acquisitions, invest in upcoming pipeline development projects and optimise capital management. Assuming that the deal had been completed at the end of FY2024, the group's net gearing ratio would have fallen to 103 per cent, from 117 per cent, CDL said. It would have logged earnings of S$638.5 million, up from S$190.8 million, had the deal been completed at the beginning of FY2024. Earnings per share would have risen to S$0.712, from S$0.213. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up CDL's board believes the sale supports positive returns for the group's business and aligns with its strategic focus on capital recycling. It said the South Beach property has reached maturity and has been delivering 'strong occupancy and stable income', the group said. Post-sale, IOI will take full ownership of the complex. Sherman Kwek, CDL's group chief executive officer, said: 'Having fulfilled our vision for South Beach – from securing the land site via a rigorous tender process in 2007, navigating macroeconomic challenges, to transforming it into the high-performing, stabilised asset it is today – it is now time to crystallise its value.' The Norman Foster-designed complex in Singapore's central business district includes retail space, a 34-storey office tower, and a 45-storey building housing a JW Marriott Hotel. As of Mar 31, South Beach's office and retail components posted committed occupancy of 92.4 per cent and 92.5 per cent, respectively, CDL said on Wednesday. Major tenant Meta Platforms last year gave up seven floors of space at the office tower last year, with the exit bringing occupancy down to 92.4 per cent, compared with 94.4 per cent at the end of last year. CDL had acquired the site at a government land sale for nearly S$1.7 billion in 2007, with two foreign partners, a unit of state-owned Dubai World, and El-Ad Group. According to a Bloomberg report, the global financial crisis led to a yearslong delay in construction and the two partners exited the project, with IOI eventually taking a minority stake in 2011. The elder Kwek resisted allowing IOI to take an equal stake in order to maintain control, according to a biography published in 2023, Bloomberg said. In CDL's Jun 4 statement, chairman Kwek said: 'South Beach began as a bold vision to enhance Singapore's reputation as a global city, attract international investors and create a new icon that blends modern, sustainable architecture while preserving the site's conserved buildings.' IOIPG group CEO Lee Yeow Seng said: 'The acquisition of the 100 per cent equity stake in this landmark development marks a significant strategic expansion for IOIPG in Singapore. Combined with the IOI Central Boulevard Towers (ICBT) and the W Singapore – Marina View hotel, this acquisition will elevate the group's profile as one of the major landlords of premium office space and a prominent player in the hospitality industry within the Republic.' The Malaysia-listed group is controlled by the Lee family, which made its fortunes from palm oil. CDL shares rose about 1.6 per cent before a trading halt on Wednesday (Jun 4) morning. The group had said in 2024 that it aimed to divest S$1 billion in assets, and has announced about S$600 million in divestments so far. News of the South Beach sale comes in the wake of a public feud between father and son in CDL's Kwek family, which emerged in late-February. While chief executive officer Sherman Kwek and his father and chairman Kwek Leng Beng have since buried the hatchet, the younger Kwek acknowledged at CDL's annual general meeting in April that the dispute had hurt shareholders' confidence, and said that reducing the growing debt load is a priority.
South Wales Guardian
15-05-2025
- Entertainment
- South Wales Guardian
National Botanic Garden of Wales celebrates 25 years
Since opening its doors to the public on May 24, 2000, the garden has become a renowned centre for biodiversity, conservation, horticulture, education, and wellbeing. To mark this milestone, a special garden party will be held over the late May bank holiday weekend, on Saturday, May 24, and Sunday, May 25. The event will feature a programme of live entertainment, family-friendly activities, and a showcase of Welsh music and culture. In a nod to its opening year, admission prices on Saturday will be rolled back to the year 2000 rates - £6.50 for adults and £3 for children. The National Botanic Garden of Wales was established as a flagship Millennium project and was one of the first new botanical gardens to be created in the UK in over 200 years. The garden gained international recognition for the innovative Norman Foster-designed Great Glasshouse, which was the world's largest single-span glasshouse in 2000. (Image: Anthea Crowe) Among the garden's most notable contributions to science is the Welsh Flora DNA barcoding initiative, which made Wales the first country in the world to DNA barcode all native flowering plants and conifer species. The resulting open-access database, covering more than 1,473 native plants, continues to support global research and conservation efforts. In recent years, the garden has undergone an extensive landscape restoration, including a £6 million transformation of the original Regency landscape. The project restored the lakes and waterfalls and introduced accessible trails, enhancing biodiversity and creating new ways for visitors to connect with nature and heritage. Looking ahead, the garden is set to develop a living collection of Welsh flora, featuring plant species found only in Wales. Dr Lucy Sutherland, director for the National Botanic Garden of Wales, said: "As we celebrate a quarter of a century of the National Botanic Garden of Wales, we reflect on a remarkable journey of conservation, education, and connection with the natural world around us. "The gardens are a truly special place that Wales should be enormously proud of and this milestone is a tribute to the dedication of our staff, volunteers, visitors, and supporters who have helped make the garden a beacon of biodiversity and inspiration for so many. "We're proud of what we've collectively nurtured together over the last 25 years, and even more excited for what lies ahead. "Our garden party will be a fantastic opportunity to celebrate our first 25 years and for people to rediscover the garden, reflect on all that we've achieved so far, and look forward to what lies ahead." Beyond its conservation work, the garden plays a vital role in supporting community wellbeing. Collaborations with health boards have established therapeutic gardening programmes, offering inclusive spaces where individuals with learning disabilities, neurological conditions, or brain injuries can build confidence and wellbeing through nature-based activities. Education is also central to the garden's mission, with more than 11,000 schoolchildren engaging with its programmes annually. Following the May bank holiday celebrations, a full summer programme of events will continue to mark the anniversary, including the garden's flagship BioBlitz Festival in July, as well as a series of exhibitions, workshops, and performances throughout the year.
