ByJonathan Burgos,
Forbes Staff.
City Developments Ltd. (CDL)—controlled by billionaire Kwek Leng Beng and his family—has sold 84% of an upscale residential skyscraper near the Singapore central business district over the weekend, adding to signs the property boom in the city-state is continuing.
The Singapore-listed property developer sold 590 units of the 706-unit Zyon Grand twin 62-story residential towers at an average selling price of S$3,050 ($2,351) per square foot, CDL said in a statement over the weekend. The company is jointly developing the project with Japan’s Mitsui Fudosan along Zion Road, near the Orchard Road shopping district.
“As one of the largest projects launched this year, the positive take-up reflects the market’s confidence in this landmark integrated development and the genuine demand for distinctive homes in a sought-after neighbourhood,” Sherman Kwek, group CEO of City Developments, said in the statement.
