Singapore's second richest man Kwek Leng Beng's CDL sells 61% of units at new condo over launch weekend
City Developments, controlled by Singapore’s second-richest billionaire Kwek Leng Beng’s family, sold 61.4% of unit at its new condominium project in the city-state during its launch weekend.
Singapore's second richest man, Kwek Leng Beng, has sold 61% of the units in his new condo, Lucerne Grand, during its launch weekend. The 570-unit property developer reported that the average selling price per square foot was S$2,480 (US$1,935), or US$20,828 per square meter. Most buyers were Singaporeans (93%), with the rest being permanent residents from various countries.
The top-selling units were standard two-bedroom and premium four-bedder units, with 87.5% and 87.2% of these units being sold, respectively. The Lucerne Grand development comprises five 17-story residential towers on Lakeside Drive and is part of a mixed-use development near the Lakeside MRT station. The property is close to Jurong Lake District, which is expected to become Singapore's largest business district outside the city center.
CDL, one of Singapore's largest property developers, has unveiled a three-year roadmap that will see it investing S$5 billion into residential projects across several markets, with 60% of the capital earmarked for Singapore.
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