City Developments Limited (CDL), through its wholly-owned subsidiary CDL Draco Pte. Ltd., has been awarded the collective sale tender for Delfi Orchard, a prime 11-storey freehold strata-titled commercial building, at the price of S$439 million.

Located at 402 Orchard Road, Delfi Orchard comprises 150 strata commercial and residential units, of which 126 units are owned by CDL.

Delfi Orchard is situated next to lifestyle destinations such as Orchard Hotel and Claymore Connect, with Palais Renaissance across the street. There is the potential to tap on the Urban Redevelopment Authority’s Strategic Development Incentive Scheme, which CDL may explore in the near future.

Mr Sherman Kwek, CDL’s Group Chief Executive Officer, said, “We are delighted to be awarded the collective sale tender for this strategically important asset which enjoys a prominent frontage along Orchard Road. Having owned 84% of the units already, this acquisition allows CDL to potentially unlock the full potential of this prime freehold asset. With several redevelopments anchoring the planned transformation for this part of the Orchard Road precinct, this is an exciting opportunity for us to participate in the rejuvenation efforts.”

The CDL Group has a strong track record in the vicinity, as the developer and/or owner of numerous iconic residential, commercial and hospitality landmarks, such as Palais Renaissance, Orchard Hotel Singapore, Claymore Connect, St. Regis Hotel & Residences, Boulevard 88 and The Singapore EDITION.