not about value but the whole place feels 死气沉沉
Tiagong , Tycoon Kwek is very grateful to be awarded the site
.
Nov 8, 2023,12:30am
ASIA
Billionaire Kwek Leng Beng’s CDL, Partners Submit Top Bid Of $715 Million For Singapore Housing Site
Jonathan Burgos
Forbes Staff
.
City Developments (CDL)—controlled by billionaire
Kwek Leng Beng—and its joint venture partners submitted the top bid of S$968 million ($715 million) for a residential site in the north central Singapore district of Toa Payoh as the developer replenishes its landbank to tap into resilient housing demand in the Lion City.
Should the government award the site to the partners, the consortium plans to build two 40-story residential towers comprising about 800 units on the 15,743 square meter plot, offering future residents panoramic views of the nearby MacRitchie Reservoir. CDL will hold a 50% stake in the project, while Thai billionaire
Charoen Sirivadhanabhakdi’s Frasers Property and Japan’s Sekisui House will each hold equal stakes of 25%.
“Considering the limited new home supply in the vicinity, our development will offer homeowners an attractive opportunity to reside in a mature town with excellent connectivity and plentiful amenities,” Sherman Kwek, group CEO of CDL, said in a statement. “Together with our partners, we look forward to tapping on our collective expertise to create an iconic development in the highly sought-after Toa Payoh estate.”
.
MCL Land and its partner Sinarmas Land, controlled by Indonesia’s
Widjaja family, also submitted the top bid of S$692.39 million for a 25,039 square meter site in Pine Grove in the affluent Bukit Timah enclave in Singapore’s western central region.
Get the best of Forbes to your inbox with the latest insights from experts across the globe.