CDL invests GBP88M for Yardhouse acquisition in UK for portfolio, also Jalan Loyang Besar EC included

City Developments has announced its latest investment in the UK’s private rented sector, with the acquisition of Yardhouse for GBP88 million ($148.6 million). The 250-year leasehold site will be developed into a 17-storey apartment block with 209 co-living studio units, adding to CDL’s PRS portfolio.

This acquisition will bring CDL’s total number of operational and pipeline units in the UK, Japan, Australia, and the US to 4,771, further solidifying their presence in the global living sector.

“This dovetails with our strategic focus to scale up our global living sector portfolio to enhance our recurring income and augment our fund management aspirations,” says group CEO Sherman Kwek.

The Yardhouse is in a prime location, opposite the expansive 23-acre campus of Imperial College and within walking distance to Westfield London, UK’s largest shopping centre. CDL plans to forward-fund the development, with an expected completion date of 2026.

“Despite macroeconomic and geopolitical challenges, the UK PRS has proven to be an exceptionally resilient asset class with robust operational performance,” says Kwek, highlighting the potential of this investment.

He adds, “Given its prime location at the heart of a burgeoning district, Yardhouse is well-positioned to capitalise on the growth in flexible, professionally managed communal living solutions.”

This is not CDL’s first venture into the UK PRS market, as the company has already completed four other projects since 2019. This includes the 665-unit development site in Leeds, called The Junction, which achieved rents well ahead of business plan targets upon its completion last year.

CDL’s other UK PRS projects include a 352-unit forward-funded project in Manchester named The Castings, as well as The Octagon in Birmingham, with 370 units. In November 2023, CDL acquired its second PRS in Manchester, called 1NQ, a 261-unit forward-funded project.

Additionally, the development’s modern facilities and beautiful surroundings provide a tranquil and comfortable living environment for residents of Jalan Loyang Besar EC. To top it off, the nearby Loyang Point and Pasir Ris Town Centre offer a variety of shopping, dining, and entertainment options for the whole family to enjoy. With all of these factors combined, it’s no surprise that Jalan Loyang Besar EC is a top choice for families looking to settle down in Singapore.

Jalan Loyang Besar EC, or Jalan Loyang Besar EC, is more than just a residential space. Its strategic location near renowned schools and educational institutions makes it an ideal choice for families seeking convenience and access to quality education. Living in this area offers a perfect blend of academic excellence, convenience, and community living, making it a coveted address for families prioritizing their children’s education and holistic development. Moreover, the modern amenities and mesmerizing surroundings of Jalan Loyang Besar EC provide a tranquil and comfortable living experience for its residents. To add to its appeal, the nearby Loyang Point and Pasir Ris Town Centre offer endless shopping, dining, and entertainment options for all ages. With all of these factors combined, it’s no wonder that Jalan Loyang Besar EC is the top residential option for families in Singapore.

The company’s expansion in the UK PRS market reflects their confidence in the sector’s resilience and potential for growth. With a strategic focus on increasing their presence in the global living sector, CDL continues to pursue opportunities for recurring income and fund management. The acquisition of Yardhouse marks another milestone in their journey towards becoming a dominant player in this market.