<div id="readability-page-1"><div>[SINGAPORE] City Developments Ltd (CDL) has entered into a deal to sell its Quayside Isle @ Sentosa Cove property for S$97.3 million, reflecting S$2,205 per square foot on net lettable area of 44,121 sq ft.The two-storey lifestyle mall facing the waterfront is on an 89,683 sq ft site with about 80 years’ balance lease. The site is zoned commercial under the Urban Redevelopment Authority’s Master Plan 2025.The buyer is understood to be an entity owned by Patrick Kho, the former group managing director of Lian Huat Group.Quayside Isle was completed by CDL in 2012 alongside the W Singapore – Sentosa Cove hotel and The Residences at W Singapore Sentosa Cove. In 2020, the group completed the sale of W Singapore – Sentosa Cove to CDL Hospitality Trusts.CDL’s sale of Quayside Isle, which is expected to be completed next year, is in line with the group’s efforts to recycle capital and optimise its portfolio.In early December, CDL announced that it had secured about S$1.9 billion in contracted divestments in the year to date, strengthening its capital position and optimising its portfolio.These include the Bespoke Hotel Osaka Shinsaibashi, a 250-unit multifamily asset in Sunnyvale, California; Piccadilly Galleria in Singapore; and a 50.1 per cent stake in the South Beach project’s commercial components (comprising offices, retail space and JW Marriott Hotel Singapore South Beach). Kho used to have a stake in Lian Huat Group’s parent, Lian Keng Enterprises (LKE). However, a family feud resulted in his stepbrother Kho Choon Keng (also known as CK Kho) applying to wind up LKE. In July 2024, the High Court ordered LKE to be wound up, but granted a 30-day stay to allow the shareholders to reach a settlement.Under the settlement, CK Kho bought over the shares of Patrick Kho, his sister Patricia Kho, and their mother Saw Gek Hua. Thus, CK Kho became the sole owner of LKE.For the sale of Quayside Isle, CDL appointed Knight Frank and CBRE; the two property consulting groups announced an expression of interest exercise in September. At the time, the property was more than 90 per cent leased. Notable tenants include Common Man Coffee Roasters, Greenwood Fish Market, Jasons Deli and Quayside Isle Preparatory School.In their release in September, Knight Frank and CBRE also highlighted three “resilient catchment streams” for Quayside Isle: stable daily patronage from the affluent residents in Sentosa Cove, steady inflow of local and international visitors to Sentosa, and event-driven visitation from world-class events such as the Singapore Yacht Show at One°15 Marina, international regattas, and golf tournaments at Sentosa Golf Club.</div></div>

City Developments Ltd (CDL) is selling its Quayside Isle property at Sentosa Cove for S$97.3 million. The sale aligns with CDL's strategy to recycle capital and optimize its portfolio. The buyer is linked to Patrick Kho, former managing director of Lian Huat Group. The property, a lifestyle mall, is on an 89,683 sq ft site with an 80-year lease balance. CDL has secured S$1.9 billion in divestments this year, enhancing its capital position.

CDL inks deal to sell Quayside Isle for S$97.3 million