CDL unit divests California asset for $186.8m

This strengthens its capital recycling programme.

City Developments Limited (CDL) has divested its 250-unit multifamily property in Sunnyvale, California, for $186.8m (US$143.5m).

The sale by its wholly owned subsidiary, Millennium & Copthorne Hotels Ltd., was based on the asset’s 201,750-square-feet net lettable area and completed with a US-based institutional investor.

The property was launched for sale in May 2025 and received interest from local property companies and REITs through a Colliers USA-run process. The asset sits within Silicon Valley’s core employment catchment near major technology companies including Apple, Google, Amazon and NVIDIA.

CDL said the transaction forms part of its capital recycling strategy following the 2019 privatisation of Millennium & Copthorne Hotels. Recent actions include sales of non-core assets across South Korea, the UK and the US, the collective sale of Tanglin Shopping Centre and the deconsolidation of CDL Hospitality Trusts.

Following the divestment, CDL’s global living portfolio comprises about 7,600 multifamily units and student accommodation beds across Singapore, Japan, the UK and Australia, with a combined Gross Development Value of roughly $3.7b.

1 USD = 1.302 SGD

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