Delfi Orchard

City Developments Ltd (CDL) has emerged victorious in the collective sale tender for Delfi Orchard, a freehold strata-titled commercial property located at 402 Orchard Road. The winning bid of $439 million translates to approximately $3,346 per square foot of plot ratio (psf ppr) based on the existing gross floor area (GFA) of the property.

This acquisition presents a strategic opportunity for CDL to capitalize on its existing ownership of 84% of the strata commercial and residential units at Delfi Orchard. The purchase of the remaining units will allow CDL to explore redevelopment possibilities and unlock the full potential of this prime freehold asset, which is situated in a prime location along Orchard Road.

CDL’s group CEO, Sherman Kwek, commented that the acquisition aligns with the company’s plans to participate in the rejuvenation of Orchard Road. He highlighted the upcoming transformations planned by the Urban Redevelopment Authority (URA) and the potential to tap into the URA’s Strategic Development Incentive Scheme.

This transaction marks the third major collective sale along the Orchard Road corridor in recent times, following the successful collective sales of Tanglin Shopping Centre and Ming Arcade.