City Developments completes sale of stake in Scottsdale Properties to IOI Properties

The purchaser paid an aggregate amount of $835.29m.

City Developments Limited has announced that its wholly-owned subsidiary, Ascent View Holding, has completed the sale of 50.1% of the shares in Scottsdale Properties it held to IOI Consolidated (Singapore) on 1 September 2025.

IOI has paid an aggregate amount of $835.29m in cash, inclusive of the deposit of $41.25m it previously paid.

Following completion, City Developments no longer has any shareholding interest in Scottsdale Properties, and it has ceased to be a joint venture of the company.

Scottsdale Properties’ wholly-owned subsidiary, South Beach Consortium, is the registered proprietor of the leasehold strata title properties (excluding the residential strata title properties) and other assets, forming part of the South Beach mixed-use integrated development.