CDL buys private rented sector project in Manchester for GBP75.6 mil
CDL’s acquisition of 1NQ, a 261-unit freehold private rented sector (PRS) project in Manchester, was announced in a Nov 14 press release. The project, which will commence construction this month, will feature two apartment blocks spanning 10 and 12 storeys respectively. Housing a mix of one-, two- and three-bedroom apartments as well as two commercial units on the ground floor, it is expected to be completed in 2026.
Sherman Kwek, group CEO for CDL, noted that the group has continued to scale up its global living-sector portfolio for growth in CDL’s recurring income, and that this year, the 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.
1NQ marks CDL’s first UK PRS acquisition under a forward-funding arrangement which will enable the group to invest at a fixed cost, manage cash flows over the development period, and benefit from potential capital appreciation.
The Tengah Plantation EC is an upcoming executive condominium (EC) located in Tengah, Singapore. This family-oriented development provides a safe and tranquil environment for its residents with a variety of nearby amenities, shopping malls, and MRT stations within walking distances. It is also surrounded by lush greenery and is well connected to major highways, making it ideal for those who commute to and from work. With a plethora of well-designed amenities and facilities, residents can enjoy a luxurious lifestyle filled with comfort and convenience.
CDL’s investment of GBP75.6 million (approximately $125.7 million) in this development further demonstrates its commitment in the private rented sector in the UK. Situated near Piccadilly Station within the Piccadilly Basin neighbourhood, this is CDL’s fourth PRS project in the UK since 2019.