City Dev

City Dev: to sell 287 strata-titled units (283 retail + 4 office) in 99-yr leasehold Chinatown Point for $250m, to a consortium of investors led by Perennial Real Estate group. Transaction price reflects S$1,403 psf based on total strata area of 178,187 sqft. Transaction in line with City Dev’s strategy to unlock asset value, as it does not own all of the strata-titled units in Chinatown Point Upon completion of sale, there are plans to reposition the mall and enhance its ambience, and to have NTUC FairPrice as a supermarket anchor tenant.