City Developments Limited (CDL), a prominent Singapore-based global real estate conglomerate, has bolstered its British portfolio through the acquisition of 1NQ, a Build to Rent project in Manchester. This move, costing £75.6 million, marks a strategic expansion of CDL’s private rented sector (PRS) investments across the UK.

The ambitious project involves the construction of two new apartment blocks, standing ten and 12 storeys high, at a site near Piccadilly Station in Manchester’s Northern Quarter. These buildings will offer a total of 261 one-, two-, and three-bedroom apartments, along with two commercial units at ground level. The development is scheduled for completion in 2026, with construction commencing this month.

1NQ’s prime location in the Piccadilly Basin neighbourhood, known for its vibrant mix of cafes, bars, restaurants, and retail outlets, offers residents easy access to key transport hubs like Piccadilly and Victoria Stations. The Northern Quarter, recently hailed as one of the world’s coolest neighbourhoods by Time Out magazine, is renowned for its dynamic day-to-night transformation, catering to a diverse crowd of creatives, start-ups, and leisure-seekers.

Sherman Kwek, Chief Executive Officer of CDL Group, highlighted the resilience and growth potential of the company’s PRS assets despite the uncertain macroeconomic climate. The Group’s global PRS portfolio has witnessed a near 70% growth this year, rising to 4,489 units, reflecting a robust expansion strategy in the UK, Japan, Australia, and the US.

1NQ represents CDL’s inaugural UK PRS acquisition under a forward-funding arrangement, a strategic move allowing the company to manage its investments and cash flows effectively while capitalising on potential value appreciation.

This acquisition is the latest in a series of UK investments by CDL, which initiated its British PRS ventures in 2019 with The Junction, a 665-unit Build to Rent scheme in Leeds. Following this, the company expanded its portfolio with two acquisitions in 2021 – The Castings in Manchester and The Octagon in Birmingham.

The Junction, CDL’s first UK project, has achieved over 90% occupancy for its completed blocks and is on track to fully complete by the end of 2023. With the addition of 1NQ, CDL’s UK PRS portfolio now encompasses 1,648 units across Leeds, Birmingham, and Manchester, underscoring the company’s commitment to meeting the growing demand for rental accommodation in key British cities.