Singapore's URA Accepts Billionaire Cousins' Low Bids For Housing Sites [Forbes]
CITY DEVELOPMENTS S/ADR (CDEVY)
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Source: Forbes
The Urban Redevelopment Authority has accepted the low bids submitted by joint ventures backed by billionaire Kwek Leng Beng 's City Developments Ltd. (CDL) and his cousin Quek Leng Chan 's GuocoLand for two prime residential sites in Singapore amid softening housing demand in the city-state. “The sole bid for each parcel could have been due to the fairly large quantums for both,” Alice Tan, head of consultancy at Knight Frank Singapore said by email. “Perhaps the government's decision to award could have taken into cognizance the full bundle of risks that comprise the large ticket size of these sites, high construction costs, elevated costs of borrowing and the government cooling measures.” CDL and its partner, Japanese real estate giant Mitsui Fudosan, had earlier this month offered S$1.1 billion ($733 million) for a 15,278 square meter site on Zion Road, near the Orchard Road shopping district. The partners plan to build 740 housing units across a 69-story and a 64-story resid
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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
- CDL, GuocoLand Backed JVs Submit Sole Bids For Singapore Housing Sites As Demand Slows [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