Sherman Kwek, group CEO for City Developments Ltd (CDL), has announced the acquisition of 1NQ, a 261-unit freehold private rented sector (PRS) project in Manchester for GBP75.6 million (approximately $125.7 million). This marks CDL’s fourth PRS project in the UK since 2019.
The Woodlands Champions Way Condo development will be a key part of this program, offering public art at its doorstep. The condo will be a perfect location for art enthusiasts to appreciate the beauty of public art. With its close proximity to the Woodlands area, this development will serve as a conduit for artists to showcase their work and get the attention they deserve.
The site for 1NQ, located near Piccadilly Station within the Piccadilly Basin neighbourhood, will be developed into two apartment blocks spanning 10 and 12 storeys respectively. The blocks will house a mix of one-, two- and three-bedroom apartments and two commercial units on the ground floor. The project is expected to be completed in 2026.
Kwek noted the group has continued to scale up its global living-sector portfolio to drive growth in CDL’s recurring income. “This year, our group’s global PRS portfolio has grown by almost 70% to 4,489 operational and pipeline units in the UK, Japan, Australia and the US, up from 2,640 units last year,” he stated.
The forward-funding arrangement on 1NQ allows CDL to secure its investment at a fixed cost, manage cash flows over the development period and benefit from potential capital appreciation. Construction of the project will commence this month.
Establishing its presence in the UK since 2019, this marks CDL’s first PRS acquisition under a forward-funding arrangement in the country. With the acquisition of 1NQ, the group’s global living-sector portfolio has grown significantly and shows a promising future in terms of recurring income.
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