Singaporean billionaire Kwek Family’s CDL sells USD2.1bn South Beach stake to IOI

City Developments Ltd. (CDL), controlled by billionaire Kwek Leng Beng, has agreed to sell its 50.1% stake in the South Beach mixed-use development to Malaysian partner IOI Properties in a deal valuing the property at SGD2.75 billion (USD2.1 billion). The transaction, expected to close in the third quarter, will give IOI Properties full ownership of the Singapore central business district complex, which includes the JW Marriott Hotel, a 34-story office tower, retail space, and fully sold residential units. The move supports CDL’s efforts to reduce debt following a 37% drop in 2024 net profit. The acquisition aligns with IOI Properties’ ongoing expansion in Singapore, including developments in Marina Bay and the upcoming W Residences Marina View.