CDL to develop iconic 49-storey Octagon landmark in Birmingham’s vibrant Paradise precinct

City Developments Limited (CDL) has expanded its United Kingdom (UK) Private Rented Sector (PRS) portfolio with the acquisition of a 250-year leasehold site from Paradise Circus Limited Partnership (PCLP). Located in the heart of Birmingham’s Paradise precinct, the 16,760 square feet (sq ft) site will be developed into an iconic residential tower with 370 build-to-rent units. The purchase consideration of £6.5 million (approximately S$11.8 million1) translates to about £18 (approximately S$331) per square foot on Gross Internal Area of 359,329 sq ft.