CDL of Singapore’s 2nd richest billionaire Kwek Leng Beng sells Sentosa Cove’s only mall for over $75M
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City Developments Limited (CDL), led by Singapore's second-richest billionaire Kwek Leng Beng, has sold Quayside Isle, Sentosa Cove's only mall, for S$97.3 million (US$75.4 million). The sale, expected to complete in Q1 2026, is part of CDL's strategy to optimize its portfolio and finances. The transaction price is a 47% premium over the asset's book value but 12.3% below the initial asking price. The buyer is believed to be linked to Patrick Kho, former managing director of Lian Huat Group.
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