Rajah & Tann Asia Advised On S$439 Million Sale Of Delfi Orchard To CITY Developments Ltd.
In a recent development, Rajah & Tann Singapore acted on behalf of the owners of Delfi Orchard in the collective sale of
Rajah & Tann Asia Advised On S$439 Million Sale Of Delfi Orchard To CITY Developments Ltd.
In a recent development, Rajah & Tann Singapore acted on behalf of the owners of Delfi Orchard in the collective sale of the property. The transaction, which involved the sale of a prime 40-year-old, 11-storey freehold strata-title development situated at 402 Orchard Road, was valued at S$439 million. This sale was finalized on May 27, 2024.
The acquisition of Delfi Orchard was completed by CITY Developments Ltd. (CDL), a significant player in the real estate sector, which already held a majority share in the property. This valuation translates to a land rate of S$3,346 per square foot per plot ratio (psf ppr), inclusive of a land betterment charge, and is based on the property's existing gross floor area (GFA) of 131,186 square feet (sq ft).
The completion of the sale is subject to obtaining the Sales Order.
Rajah & Tann team advising on the transaction included Partners Norman Ho and Gazalle Mok led the transaction, alongside Senior Associates Calvin Lim and Itishree Tyagi.