CDL of Singapore’s 2nd richest billionaire Kwek Leng Beng sells Sentosa Cove’s only mall for over $75M

With a net lettable area of 44,121 square feet (4,098 square meters), the price translates to S$2,205 per square foot (US$18,395 per square meter), the Singapore-listed property developer said in a press release on Tuesday.

Located in one of the world’s most exclusive marina residential communities, Quayside Isle sits on a site of 89,683 square feet and comprises two blocks, one single-story and one double-story, and a 78-lot basement carpark. It offers over 200 meters of uninterrupted marina frontage and had 90% of its retail space occupied at the time it was put on the market.

The deal, expected to be completed in the first quarter of 2026, delivers a premium of roughly 47% over the asset’s book value of S$66 million and an exit cap rate of 2.6%, CDL said.

The selling price fell 12.3% short of the S$111 million sought by CDL in September when it launched an expression of interest exercise for the property, as reported by The Edge Singapore.

“Over the past decade, Quayside Isle has evolved into a vibrant upscale destination, achieving strong performance with stable occupancy and a curated mix of well-established, long-term tenants,” said Sherman Kwek, CDL’s group CEO and Leng Beng’s son. “Having nurtured the asset from concept to maturity, it is timely to crystallise the value created and allow it to flourish under new stewardship.”

The buyer is believed to be an entity controlled by Patrick Kho, formerly the group managing director of property developer Lian Huat Group, according to The Business Times.

Kho previously owned a stake in the group’s parent company, Lian Keng Enterprises. That holding was later acquired by his stepbrother Kho Choon Keng, who applied to have LKE wound up following a family feud.

The sale of the Quayside Isle is part of an ongoing effort by CDL to bolster its finances and optimize its portfolio. The firm said earlier this month it had generated S$1.9 billion from divestments this year.

Notably, the developer sold a majority interest in the S$2.75 billion South Beach development in Singapore’s central business district earlier in the year.

In November, it divested a 250-unit multifamily asset in Sunnyvale, California, for US$143.5 million and agreed to sell the Bespoke Hotel Osaka Shinsaibashi in Japan for 14 billion yen, or US$89.9 million, according to Singapore Business Review.

Leng Beng currently serves as executive chairman of the developer. He and his family ranked second on Forbes’ list of Singapore’s 50 richest, released in early September, with an estimated net worth of US$14.3 billion.