Billionaire Cousins Show Confidence In Singapore Property Market With Top Housing Site Bids Of $1 Billion

Singapore tycoon Kwek Leng Beng’s City Developments and his Malaysian billionaire cousin Quek Leng Chan’s GuocoLand submitted the top bids totaling S$1.35 billion ($1 billion) for two hotly contested residential sites in Singapore, showing confidence that housing demand in the city-state will remain resilient despite a property slump.

City Developments offered S$768 million for the 19,567 square meter site on Jalan Tembusu in one of the city’s most exclusive enclaves in the eastern region. The company plans to build four blocks of up to 21 stories each, with a total of 640 residential units on the 99-year leasehold site, if the government accepts its top bid.


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