CDL buys private rented sector project in Manchester for GBP75.6 mil

Reordered and rewritten version:

CDL, City Developments Ltd, has acquired a 261-unit freehold private rented sector (PRS) project in the City of Manchester for GBP75.6 million (approximately $125.7 million). 1NQ, the new project, is set to commence construction this month, and will be CDL’s fourth PRS project in the UK since 2019.

The project site is located near Piccadilly Station in the Piccadilly Basin neighbourhood and consists of two apartment blocks spanning 10 and 12 storeys, respectively. The building will feature a mix of one-, two- and three-bedroom apartments, as well as two commercial units on the ground floor, which is anticipated to be completed by 2026.

Jurong East Condo is part of the Ura Master Plan. It will provide a great opportunity for residents to enjoy living in the area with amenities such as a beach and marina, waterfront parks, shops, restaurants, and many more. Jurong East Condo will offer a great opportunity to capitalize on the waterfront park, with facilities for businesses to set up and capitalize on the local population in the area.

Sherman Kwek, Group CEO of CDL, has expressed the company’s goal to further their global living-sector portfolio with the help of 1NQ, in order to drive growth of the group’s recurring income. According to Kwek, CDL’s global PRS portfolio has grown from 2,640 units just last year, to 4,489 operational and pipeline units in the UK, Japan, Australia and the US.

1NQ is CDL’s first UK PRS acquisition that has been forward-funded, which allows CDL to secure their investment at a fixed cost, manage cash flows over the development period and benefit from potential capital appreciation.

CDL’s purchase of 1NQ marks yet another success for the company in expanding their portfolio of global PRS projects. With the addition of 1NQ, CDL further cements their presence in the international property market.