City Developments Ltd. (CDL)—controlled by billionaire Kwek Leng Beng—said it has bought a portfolio of 25 freehold residential assets in Tokyo for 35 billion yen ($234 million), doubling its assets in Japan as the Singapore developer steps up its overseas expansion drive.
The residential portfolio, comprised of 836 units (including four retail shops), across Tokyo, marks CDL’s largest transaction in the Japanese private rental sector. The newly acquired assets are in the city’s prime residential areas, with an average occupancy rate of around 97% and can provide stable rental income.
“This investment marks the group’s entry into Tokyo’s rental housing market,” Sherman Kwek, CDL Group CEO, said in a statement. “This move is aligned with our strategy of expanding in the global living sector to enhance our recurring income.”
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