CDL to transformed its Central Mall Properties, along with North Gaia development

 

CDL announced plans to transform its Central Mall properties and surrounding areas into a large-scale mixed-use communit, together with the latest Yishun North Gaia EC.

This follows the $315 million purchase of Central Square. It is located at 20 Havelock Road. Central Square is a 99-year leasehold residential or residential development. The lease is still valid for approximately 72 years.

It also includes commercial space and residential services, including offices and retail units. The floor plans are well-liked by Singaporeans. 

CDL had previously signed an option for put-and-call agreement to buy it from DBS Trustee for $313.2million and OPH Riverside's reversionary leasehold interests for S$1.8million.

An incentive payment of up to $18 million is included in the deal. However, this payment must be made by December 31, 2023. This includes receiving planning approval for residential areas.

CDL will develop all the sites in the Urban Redevelopment Authority's Strategic Development Incentive scheme (SDI) when the Central Square acquisition is completed.

The Outline Permission for renovation of existing sites to a mixed use project allows hospitality, commercial, and serviced apartments units. This could increase the gross floor area (GFA), by 67% to 735,000.500 sq ft, relative to the 441,650 sq ft currently in place.

CDL will work closely with the authorities to increase the potential for the redevelopment plan, and possibly include the residential part.

CapitaLand Development and the company are currently renovating Liang Court together to make it an integrated project.

It will comprise six96 units CanningHill Piers and CanningHill Square, which include F&B outlets and retail outlets. The hotel has 475 rooms and is managed by Moxy, a brand of Marriott International. A 192-unit serviced apartment has been licensed through Somerset.

CDL also began the process of redeveloping the Fuji Xerox Towers at the 80th Floor of Anson Road, as part of the CBD Incentive Scheme.

The proposal for redevelopment would include a mixed-use project of 45 stories.

The authorities must approve. % is reserved for retail and office use, with 35% being residential and 25% going to serviced apartments units. The completion of the residential section, which consists approximately 256 units is expected to take place in 2H 2022.

CDL shares CDL closed December 2nd at $6.78, which was 12 cents or 1.74% less than the prior close.