CDL, GuocoLand Backed JVs Submit Sole Bids For Singapore Housing Sites As Demand Slows [Forbes]
CITY DEVELOPMENTS S/ADR (CDEVY)
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ir.cdl.com.sg
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Source: Forbes
Joint ventures backed by billionaire Kwek Leng Beng 's City Developments Ltd. (CDL) and his cousin Quek Leng Chan 's GuocoLand submitted sole bids for two prime residential sites in Singapore, adding to signs of softening housing demand in the Lion City. The government's property curbs including the hefty tax imposed on foreign buyers “appears to have caused more developers to lose their appetite for prime residential development,” Alice Tan, head of consultancy at Knight Frank, said in an emailed statement. CDL partnered with Japanese real estate giant Mitsui Fudosan to offer S$1.1 billion ($815 million) for a 15,278 square meter site on Zion Road, near the Orchard Road shopping district, according to the Urban Redevelopment Authority. Should the government accept the bid, the partners plan to build 740 housing units across a 69-story and a 64-story residential block with retail podium and a 35-story tower with 290 serviced apartment rental units, City Developments said in a sta
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News
- City Developments Limited's (SGX:C09) market cap surged S$284m last week, private companies who have a lot riding on the company were rewarded [Yahoo! Finance]Yahoo! Finance
- Billionaire Kwek's CDL Steps Up Divestments With Singapore Mall Sale [Forbes]Forbes
- Singapore's URA Accepts Billionaire Cousins' Low Bids For Housing Sites [Forbes]Forbes
- Should You Think About Buying City Developments Limited (SGX:C09) Now? [Yahoo! Finance]Yahoo! Finance
- Singapore $12 Million Penthouse Sale Flops After Three Auctions [BNN Bloomberg (Canada)]BNN Bloomberg