Billionaire Kwek Leng Beng City Developments Ramps Up Singapore Projects As Home Sales Hit Record
Billionaire Kwek Leng Beng City Developments Ramps Up Singapore Projects As Home Sales Hit Record. City Developments, controlled by billionaire Kwek Leng Beng, is speeding up the launch of its residential projects in Singapore after the developer posted record home sales in 2021 despite the Covid-19 pandemic.
City Developments and its partners sold 2,185 residential units worth S$4.3 billion ($3.2 billion) last year, the group’s highest-ever annual property sales, the company said in a statement on Friday as it announced full-year 2021 earnings. Its prime residential projects, such as the 540-unit Irwell Hill Residences near the Orchard Road shopping strip and the 696-unit CanningHill Piers across the Raffles Place central business district (jointly developed with partner CapitaLand), were among the best sellers.
City Developments has announced the launch of three new residential projects totaling over 1,300 residential units in Singapore in 2022. Piccadilly Grand, a 407-unit residential condominium project with a commercial component on Northumberland Road, just outside the Singapore CBD, is expected to open in the first half of the year.
The developer also intends to launch a 639-unit condominium at Tengah Garden Walk in Singapore’s western region in the second half. According to the company, it will also begin marketing the 256 prime residential units at the former site of the Fuji Xerox office tower in Tanjong Pagar, on the outskirts of the Raffles Place CBD. Demolition has begun, and construction of the mixed-use development, which will include serviced apartments, offices, and retail space, will begin by the end of 2022. Despite the government’s property cooling measures, City Developments has accelerated the pace of its residential developments in order to capitalize on Singapore’s resilient housing demand. In December, the company announced the redevelopment of its Central Mall property after acquiring the adjacent Central Square building. Offices, retail, a hotel, and possibly residential space will be included in the mixed-use development.
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