Billionaire Kwek Leng Beng's CDL Sells 20% Of Singapore Luxury Condo Amid Tepid Demand [Forbes]
CITY DEVELOPMENTS S/ADR (CDEVY)
NASDAQ:AMEX Investor Relations:
ir.cdl.com.sg
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Source: Forbes
City Developments Ltd. (CDL)—controlled by billionaire Kwek Leng Beng and his family—sold 20% of a luxury residential skyscraper it is building on the edge of the Raffles Place central business district amid tepid demand from high-end buyers. The Singapore-listed developer said it sold 75 units of the 366-unit Union Square Residences over the weekend at an average selling price of S$3,200 ($2,400) per square foot. It sold a five-bedroom Sky Suite at level 38 of the 40-story skycraper for S$9.3 million. “The encouraging take-up for Union Square Residences reflects the consistent interest from homebuyers who recognise the enduring value of a prime mixed use development,” Sherman Kwek, group CEO of City Developments, said in a statement Despite the decent sales of Union Square Residences, analysts believe it will take a while before demand for luxury apartments fully recover amid the prevailing property curbs, which includes the additional buyers' stamp duty (ABSD) of 60%, imposed
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