Singapore's CDL completes South Beach stake sale to IOI Properties for RM2.75b

City Developments Limited (CDL)’s wholly-owned subsidiary Ascent View Holdings has completed the disposal of its stake in Scottsdale Properties, the holding company of South Beach Consortium.

Ascent View Holdings sold its 50.1% stake to IOI Properties Group, which already owned 49.9% of Scottsdale, for RM2.75 billion. This sale gives the Malaysian developer full ownership over the South Beach mixed-used development, which includes South Beach Tower, South Beach Avenue, and the JW Marriott Hotel Singapore South Beach.

IOI has paid $835.29 million in cash, inclusive of the deposit of $41.25 million previously paid, to CDL.

Shares in CDL closed 2 cents lower or 0.294% down at $6.78 on Sept 1.