SINGAPORE - Wing Tai Holdings has thrown in the towel on its high-end joint venture with City Developments (CDL) at Anderson Road.
Wing Tai said it had sold its half share in the issued share capital and shareholders' loans of Summervale Properties, the developer of Nouvel 18, to CDL for $411 million in cash.
Nouvel 18 is a 156-unit freehold residential development project in Anderson Road, which has not yet been launched.
CDL said that both firms had "considered various ways to optimise their interests in Summervale...and agreed that the consolidation of the equity interests in Summervale under one party would provide flexibility for future plans relating to Summervale and the project."
The acquisition was funded through the internal resources of CDL group, it said.
"CDL is exploring ways to optimise and unlock the value of the project, including via sales of individual units, bulk sales or a capital markets transaction."