CDL unit acquires 2 Indonesian hotels

Faber-Rhine Properties, a unit of property giant City Developments (CDL), has acquired the 50 per cent stake owned by its venture partner AIG Marina Investment in Glengary for about S$9 million.

Glengary is the developer of “The Sail @ Marina Bay”, which was successfully launched in 2004.

CDL said that the consideration was arrived at on a willing-buyer willing-seller basis, and it was settled in cash through its internal resources.

All units in the development have been fully sold and the Certificate of Statutory Completion has been issued.

Following the acquisition of the stake, Glengary, which was previously a 50 per cent jointly-controlled entity of Faber-Rhine, is now a wholly-owned subsidiary of Faber-Rhine.

The acquisition of the shares is not expected to have any material impact on the net tangible assets or earnings of the CDL Group for the financial year ending 31 December 2010.

Source : Channel NewsAsia – 31 Dec 2010

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