Wing Tai divests 50% stake in Nouvel 18 to CityDev for $411 mil

SINGAPORE (July 5): Wing Tai Holdings is divesting its 50% stake in the 156-unit Nouvel 18 to City Developments for $410.96 million. Following the transaction, CDL will own 100% of the property.

Nouvel 18 is a freehold residential development project on an exclusive prime real estate site of approximately 112,098 sq ft along Anderson Road. None of the units have been sold.

The saleable area of Nouvel 18 is 350,000 sq ft. Based on this, the transaction works out at $2,348 psf, which compares with other transactions in the vicinity. Ardmore Three is being sold by its developer Wheelock Properties at around $3,221 psf excluding a 15%+15% discount.

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