SINGAPORE: In the next two weeks, a company controlled by Singapore billionaire Kwek Leng Beng will begin selling units in a premium residential condominium project in central Singapore as the housing market shows signs of recovery.
According to Forbes, City Developments, Singapore’s second-largest property developer, will begin booking sales for its new 777-unit condo project, The Orie, on Jan 18.
On Thursday, Jan 2, data from the Urban Redevelopment Authority revealed a 2.3 per cent increase in Singapore’s private residential property prices in the fourth quarter of 2024 (Q4 2024).
Located in the sought-after Toa Payoh estate, The Orie’s one-bedroom units, around 48 square metres, will be priced from S$1.28 million, while five-bedroom units can go up to S$3.48 million.
In a statement, Sherman Kwek, the CEO of City Developments, said homebuyers of the development will benefit from its “central location and excellent connectivity.”
The project is a joint venture between City Developments, Frasers Property, controlled by Thai billionaire Charoen Sirivadhanabhakdi, and Japan’s Sekisui House.
According to VnExpress International, it will be built across two towers in the first private residential project in Toa Payoh since 2016. City Developments also owns rental properties in the UK, Japan, Australia, and the US.
Executive chairman Mr Kwek Leng Beng has a net worth of US$11.5 billion (S$15.76 billion), shared with his family, ranking him fourth on Forbes’ list of Singapore’s 50 Richest, published in September 2024. /TISG
Read also: Kwek Leng Beng’s love affair with hotels, including Trump’s Plaza
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