SINGAPORE (Dec 13): The redevelopment of Liang Court will not only benefit CDL Hospitality Trusts (CDLHT) and Ascott Residence Trust (Ascott REIT) but also City Developments (CDL) and its joint-venture (JV) partner CapitaLand.

The Liang Court site is 12,925.4 sq m and has a current built-up area of more than 109,000 sq m. The 403-room Novotel Clarke Quay takes up 34,908.7 sq m of gross floor area and the 197-room Somerset Liang Court, owned by Ascott REIT, 28,203.85 sq m. The rest of GFA is taken up by a retail mall.

In May, PGIM Asia Retail Fund (PGIM), owned by Frasers Property and Frasers Centrepoint Trust, sold the mall to the CDL-CapitaLand JV for $400 million. This appeared overpriced at the time, but in hindsight, the transaction seems to have been carefully considered.

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