Billionaire Kwek Leng Beng's CDL Sells 84% Of Singapore Housing Project Amid Resilient Demand [Forbes]
CITY DEVELOPMENTS S/ADR (CDEVY)
NASDAQ:AMEX Investor Relations:
ir.cdl.com.sg
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Source: Forbes
Courtesy of City Developments City Developments Ltd (CDL)—controlled by billionaire Kwek Leng Beng and his family—sold 84% of a residential condominium project in the northern Singapore precinct of Woodlands over the weekend, adding to signs of resilient demand in the city-state. The Singapore-listed company said late Sunday that it sold 292 of the 348-unit Norwood Grand condominium project at as much as S$2.2 million ($1.7 million) for a four-bedroom deluxe unit measuring 1,173 square feet (109 square meters). Prices start at S$988,000 for a one-bedroom unit with a built up space of 495 square feet. “We are confident that Norwood Grand will appeal to buyers who value convenience and connectivity and see the benefits in being part of one of Singapore's most promising districts,” Sherman Kwek, group CEO at City Developments, said in a statement The robust sales comes despite slowing demand in the broader market, which saw transaction volumes fall by 8.1% in the first nine mont
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