City Dev

City Dev: is said to have put all its 60 strata office units at Sunshine Plaza (83 yrs lease left) in the Middle Road area on the market, and is looking to sell the units on an individual basis at > $1,900 psf. Based on current lease rates, gross yield for the units could be a tad above 3.5%. Market watchers say CDL's decision makes sense since it would reap a higher psf price from divesting the units individually than in a bulk-sale to another party, which would then stand to cream a profit from reselling them individually. In May last year, a CDL-Wing Tai JV sold all 66 office units at the nearby Burlington Square (82 yrs lease left), to a Guthrie-Sun Venture tie-up for $89.3m or $1,318 psf. 50 of these units were subsequently resold at an average price exceeding $1,800 psf. City Dev remains most unloved amongst the property heavyweights, in view of its concentrated Singapore real estate exposure, amidst a slew of ongoing property cooling measures.