City Developments Ltd. is buying the remaining 62.5% stake it does not already own in the W Singapore-Sentosa Cove and Quayside Isle properties for S$393 million, The (Singapore) Business Times reported, citing group CEO Sherman Kwek.

The acquisition is part of the company's plan to capitalize on the city-state government's plan to refurbish the Sentosa island resort, according to the executive.

Aside from taking control of the property, City Developments also plans to renovate parts of the W Singapore-Sentosa hotel, as well as refinance the real estate asset, the Aug. 9 report added.

As of Aug. 9, US$1 was equivalent to S$1.38.