City Developments Limited sells Quayside Isle for $97.3m at premium

The property has a net lettable area of about 44,121 square feet and sits on a 99-year leasehold tenure.

City Developments Limited (CDL) said it has signed a sale and purchase agreement to divest Quayside Isle @ Sentosa Cove to a Singapore-based institutional buyer for $97.3m, or about $2,205 per square foot.

According to the company, the agreed price represents a premium of about 47% over the asset’s book value of $66.0m.

CDL said it expects the transaction to be completed in the first quarter of 2026, subject to customary conditions.

The group said Quayside Isle was launched for sale in September 2025 through an expression-of-interest exercise, which closed on 15 October. CDL said the process attracted strong interest from both local and international parties and resulted in a competitive outcome.

In its statement, CDL described Quayside Isle as the only dedicated commercial complex in Sentosa Cove and characterised it as a prime waterfront retail asset.

The property has a net lettable area of about 44,121 square feet and sits on a 99-year leasehold tenure that commenced on 31 October 2006, with about 80 years remaining. The development was completed in 2012, after the site was awarded through a government land sale tender in July 2006.

CDL said it is exiting the asset at a capitalisation rate of about 2.6%, and framed the divestment as a crystallisation of value and part of its broader capital recycling and capital management strategy.

The company added that this transaction is its eighth asset sale contracted in 2025. CDL said total divestments for the year amount to around $2b, compared with acquisitions of around $1.7b over the same period.

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