Consortium controlled by billionaires Kwek Leng Beng, Quek Leng Chan bids $450M for Singapore condo site
Hong Leong Holdings and GuocoLand, respectively controlled by Singaporean billionaire Kwek Leng Beng and Malaysian billionaire Quek Leng Chan, have together emerged as the sole bidder of a condo site in Singapore.
A consortium, jointly owned by billionaires Kwek Leng Beng and Quek Leng Chan, has set a record by bidding $450 million for a 99-year government land sale site in Singapore's Greater Southern Waterfront redevelopment. The bid, submitted by Hong Leong unit Intrepid Investments and GuocoLand, surpasses the previous record by 14%. The 25,200 square meter site, located just 300 meters from an MRT station, can house around 415 residential properties.
Experts predict the Urban Redevelopment Authority will award the site to the consortium, citing the area's potential growth due to planned infrastructure and amenities. The first Berlayar estate was auctioned in November last year to Kingsford Group for $918.3 million. Other developers may hold back for the third site in the precinct, which is set to be released in December.
Property experts, however, caution that the lower height of the proposed projects may limit their market value due to reduced floor space and potential lack of panoramic views.
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