Billionaire Kwek Leng Beng’s CDL Replenishes Landbank As Singapore Defies Global Property Downturn

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City Developments Limited (CDL) – controlled by billionaire Kwak Leng Byng – has submitted the highest bid for a residential site in the western Singapore city of Bukit Batok as the real estate giant closed its doors amid continued strong demand for properties in the city despite rising interest rates. Landbank replenished. Slow economic growth.

The company’s wholly owned subsidiary CDL Zenith offered to buy the 178,936 square feet (16,623 sq m) plot for S$336 million ($239 million). highest bid received by the government For 99 years leasehold property. Should the Housing and Development Board provide the site to CDL, it plans to construct 10 blocks of 12 to 13 storey apartment buildings with a total of 510 residential units on the property.

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The Bukit Batok site is conveniently located near the existing Bukit Gombak MRT and has two upcoming stations on the North–South Line, due for completion in 2028. City Developments is developing the 639-unit Köppen Grand condominium project at nearby Tengah Garden Walk, which is set to be launched for sale later this year.

“Given the site’s proximity to the upcoming Tenga New Town and Jurong Lake District, it benefits from easy access to a wide range of amenities as well as good connectivity to such a major business, lifestyle and tourism hub. Will,” Sherman Quake, Group CEO of City Development, said in a statement. “We look forward to transforming this expansive site into a sustainably designed and well-built residential landmark.”

Citi Developments is adding to its landbank after seeing strong demand for its projects in Singapore, defying a global property slowdown that has led to plunging housing prices in Australia and China as central markets around the world Banks have tightened monetary policies to check runaway inflation.

In May, CDL and partner Hong Kong land unit MCL Land sold 315 of 407 residential units at Piccadilly Grand on Northumberland Road, about four kilometers east of the Central Business District.

Rival developers’ suburban projects have also seen strong sales. In July, billionaire Wei Chow Yaw’s UOL Group sold nearly all 372 units at AMO Residences in Ang Mo Kio in central Singapore during the project’s weekend launch. Last week, billionaire Charoen Sirivadhanbhakdi’s Fraser Property sold 75% of its 158 residential units at Sky [email protected] in the eastern part of the city-state.

Credit: www.forbes.com /

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