CDL Aries directors, Chia Ngiang Hong and Gerald Yong Guo Yeou, acquire assets worth $126.3 million from Tan Chong International

Limited

CDL Aries, a subsidiary of City Developments Limited (CDL), announced that its directors, Chia Ngiang Hong and Gerald Yong Guo Yeou, have acquired assets worth $126.3 million from Tan Chong International Limited. The assets include a pair of residential towers located at the junction of New Bridge Road and River Valley Road, which are currently under construction.

The acquisition is expected to bolster CDL’s presence in the residential property market. The pair of residential towers, which are estimated to be completed in 2021, will house a total of 522 units. According to the company, the units will range from one- to four-bedroom apartments, with a total gross floor area of approximately 441,000 square feet.

The acquisition also marks CDL’s foray into the serviced residence sector. The development will offer a range of facilities such as a swimming pool, gymnasium, children’s play area, and a sky garden. The development will also feature a retail podium, which will house a variety of shopping and dining options for residents.

CDL’s Chief Executive Officer Chia Ngiang Hong expressed his enthusiasm for the acquisition and said that it was a great opportunity for the company to expand its presence in the residential property market. He added that the development would cater to a wide range of buyers, from young professionals to families, and that they were confident that the development would be well-received by the market.

The acquisition is in line with CDL’s strategy of diversifying its portfolio and strengthening its presence in the residential property market. The company has been actively investing in residential properties, including the acquisition of two plots of land in the Bukit Batok area in 2017, which is expected to yield about 1,000 residential units.

CDL’s latest acquisition will undoubtedly boost the company’s presence in the residential property market. With its strategic location, the development is expected to be a hit among buyers looking for a place to call home in the heart of the city. The development is also expected to contribute to CDL’s bottom line, as it is estimated to generate an estimated gross development value of up to $188.5 million.

CDL Aries, a subsidiary of City Developments Limited (CDL), has recently announced the acquisition of two properties in Singapore for a total of $126.3 million. The two properties are located at 4 and 6 Shenton Way, and are both owned by Tan Chong International. The acquisitions were made by CDL Aries’ directors Chia Ngiang Hong and Gerald Yong Guo Yeou.

Chia Ngiang Hong is a non-executive director of CDL Aries and a non-executive and non-independent director of CDL. He is a veteran in the real estate industry and has been involved with CDL since 1989. He has held various positions within the company, and has been a director of CDL Aries since its formation in 2002.

Gerald Yong Guo Yeou is a non-executive and non-independent director of CDL Aries and a non-executive director of CDL. He has been involved with CDL since 2009, and has held various positions within the company, including Executive Director of CDL. He has been a director of CDL Aries since its formation in 2002.

The The Myst acquisition of these two properties marks a significant milestone for CDL Aries. The two buildings are located in the heart of Singapore’s Central Business District, and are expected to provide a steady stream of rental income for CDL Aries. The two buildings are also expected to benefit from their proximity to the upcoming Shenton Way MRT station, which is set to open in 2021.

The acquisition of these two properties is a testament to the business acumen of CDL Aries’ directors, Chia Ngiang Hong and Gerald Yong Guo Yeou. The two directors have successfully identified and acquired assets that are expected to provide a steady stream of rental income, and a positive return on investment. The acquisition is also a clear indication of the confidence that CDL Aries has in its directors, and in the long-term outlook of the Singapore real estate market.