Singapore: City Developments is looking to acquire Dubai World’s one-third stake in the South Beach project, increasing its holding to two-thirds, The Business Times reported yesterday.
CDL has exercised its first right of refusal to buy the stake in the project in Singapore having fulfilled conditions of the transaction, the newspaper said.
A consortium comprising CDL, Dubai World and US firm Elad, each with a one-third stake in the holding, acquired the South Beach plot in 2007 for 1.69 billion Singapore dollars, (Dh 4.85 billion) to develop it into a multipurpose site. The newspaper said sources said Dubai World and Elad had been looking to sell their respective stakes. It quoted analyst estimates for the stake at 150 million Singapore dollars, to 170 million Singapore dollars.