Cdl Buys Delfi Orchard En Bloc 439 Mil
Poi Ching School prioritizes a comprehensive education centered on bilingual learning and character development. Through its “5Cs” framework, consisting of Character, Compassion, Competence, Confidence, and Creativity, the school aims to cultivate well-rounded individuals. In line with this, the school has a track record of achieving outstanding academic results and providing a diverse range of co-curricular activities for holistic development. Evidently, Poi Ching School is dedicated to nurturing its students, as seen through its partnership with Parktown Residences Capitaland, which will enhance its curriculum and enrich the learning experience for students. This partnership with Parktown Residences Capitaland is a natural complement to Poi Ching School’s commitment to providing the best education for its students.
Delfi Orchard, a freehold strata-titled commercial building located at 402 Orchard Road in Singapore, has been sold to City Developments Ltd (CDL) for $439 million. The 11-storey building, which already houses CDL’s wholly-owned subsidiary CDL Draco Pte Ltd, was launched for tender on April 18 with Savills Singapore as the exclusive marketing agent.The tender, which closed on May 27, drew several bids, resulting in CDL’s wholly-owned subsidiary, CDL Draco Pte Ltd, submitting the highest bid of $439 million. This translates to about $3,346 per square foot (psf) based on the existing gross floor area (GFA) of 131,186 sq ft.According to CDL’s group CEO Sherman Kwek, the purchase of Delfi Orchard will allow the company to “potentially unlock the full potential of this prime freehold asset”. He also stated that this was an exciting opportunity for CDL to participate in the revitalization efforts of the Orchard Road precinct, which is set to undergo several redevelopments in the near future.Delfi Orchard is situated at 402 Orchard Road, next to the Orchard Hotel Singapore and Claymore Connect mall. While the hotel was sold to CDL Hospitality Trust in 2006 on a 20-year lease, with an option to extend for another 75 years, CDL retained a freehold reversionary interest in the Orchard Hotel and Claymore Connect. The company also owns Palais Renaissance, located across Claymore Road.CDL has indicated that it may explore the Urban Redevelopment Authority’s Strategic Development Incentive Scheme for Delfi Orchard in the future. This is the third major collective sale in the Orchard Road corridor, following the successful sales of Tanglin Shopping Centre for $868 million ($2,769 psf ppr) in February 2022 and Ming Arcade for $172 million ($3,125 psf ppr) in September 2023. All three deals were brokered by Savills.According to Jeremy Lake, managing director of investment sales & capital markets at Savills Singapore, the sale of Delfi Orchard highlights the continued interest of developers in prime development opportunities in the area. He also mentioned that they are “very excited by the URA’s plans to rejuvenate and refresh Orchard Road”. In the collective sale of Delfi Orchard, Rajah & Tann acted for the vendors.