Analysts say this could pick up pace as the recovery in Singapore's tourism sector gains momentum and several major redevelopment projects in the prime retail belt get under way.
With CDL considering tapping the Urban Redevelopment Authority's (URA) Strategic Development Incentive (SDI) scheme, there is growing speculation over whether Delfi may be redeveloped along with Orchard Hotel and Claymore Connect which CDL indirectly owns under CDL Hospitality Trusts.
Ms Catherine He, Colliers Singapore's head of research, noted that Orchard Hotel and Claymore Connect are located just behind Delfi.
Given that the SDI scheme requires a minimum of two adjacent sites, among other conditions, these properties could be collectively redeveloped to tap the scheme for bonus gross floor area (GFA), she said.
Tapping the SDI will allow CDL to unlock the full potential of Delfi, a prime freehold asset, and ride on other redevelopment projects in the vicinity, she added.
To date, the SDI scheme - which was introduced in 2019 to encourage the redevelopment of older buildings into more productive mixed-use developments - has received nine applications, of which six have been supported, said URA. Under the SDI scheme, developers can increase their GFA if they have proposals that transform and rejuvenate the precinct.
Across from Delfi, hotelier Ong Beng Seng's Hotel Properties (HPL) got the green light in 2023 to redevelop three buildings under the scheme - voco Orchard Singapore hotel, Forum The Shopping Mall and HPL House - into a mega mixed-use project with a hotel, residential units, and retail and office space.
Prior to Delfi, the last successful collective sale in the Orchard area was Ming Arcade, which sold for $172 million in December 2022, while Tanglin Shopping Centre was sold in February 2022 for $868 million.
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