CDL

CDL: Msia’s IOI grp is poised to be CDL’s partner in the Singapore South Beach project. IOI is touted to be paying $170-175m for Elad’s stake. This is a premium to the $155m that Dubai World’s unit Istithmar will receive for selling its 1/3 stake to CDL, which will hold two-thirds of the project…

The South Beach project was started initially by CDL, Istithmar and Elad in 2007 buying the land at $1.69b from the state with all partners having equal stakes. The dev is expected to have 171 apts, 560 hotel rms with 632k sqft and 158.0 sqft gfa of office and retail space. HK’s Nan Fung and CDL also hold convertible bonds issued by the JV…

In another announcement, City Dev emerged as the top bidder at $127.8m for a 99-year-leasehold hotel site at Robertson Quay at $938 per sqft per plot ratio. CDL’s bid was just 0.5% higher than the 2nd highest bid by RB Capital at $127.1m. The site has a max gfa of 136.2k sqft and is located within the hotel cluster. Co is exploring a proposed design of a mixed hotel and commercial/residential development…

Property experts highlight site is an accepted residential area, and if the project comes with a resi element, unit sales wld help to finance construction. Co trades at P/B of 1.61x slightly lower than hist avg of 1.83x. Most recently, co has stated it expects home prices to correct 3-5% in 2011