To complement our core business in real estate development and investment, we have been leveraging our stable of prime real estate assets and developing a fund management platform.
Since 2014, we have established a solid track record in structuring and managing innovative financial products. The core component of our fund management business is our Profit Participation Securities (PPS) investment platform.
CDL currently has over S$3.5 billion in funds under management (FUM) through the successful launch of three PPS programmes. We target to achieve total FUM of S$5 billion by end 2018.
|In partnership with Blackstone’s Tactical Opportunities Fund and CIMB Bank Berhad, Labuan Offshore Branch, we launched our first PPS initiative: a S$1.5 billion investment instrument that invests in the cash flows of CDL’s properties in Sentosa Cove called the Quayside Collection. The upscale integrated development comprises the 5-star W Singapore – Sentosa Cove hotel, Quayside Isle, a waterfront F&B and retail property, and The Residences at W Singapore – Sentosa Cove.
|Joint investment in a S$1.1 billion office portfolio comprising three of CDL’s prime office buildings: Central Mall (Office Tower), Manulife Centre and 7 & 9 Tampines Grande. The assets were sold as 99-year leasehold tenures, and CDL retains upside from our long-term reversionary title for both Central Mall (Office Tower) and Manulife Centre, which are freehold and 999-year leasehold properties respectively. The assets have a strong occupancy and a high-quality and diversified tenant base. Through the partnership with our co-investor, Alpha Investment Partners Limited, we remain a substantial investor and continue to manage the three prime office assets.
Marking our first capital market transaction involving a pure residential asset and targeted at Singaporean high net worth investors, our third PPS unlocked value of Nouvel 18, a 156-unit luxury freehold residence for S$977.6 million.