Kwek Leng Beng, executive chairman of City Developments.© 2025 Bloomberg Finance LPCity Developments Ltd.(CDL)—controlled by billionaire Kwek Leng Beng and his family—and its partner Hong Realty submitted the highest bid for a prime residential plot near Singapore’s most popular shopping precinct.The partners offered S$542.4 million ($422 million) for a 99-year leasehold residential site at Peck Hay Road in the upscale Newton residential enclave and near the Orchard Road shopping district. The offer for the 59,347 square-feet (5,513.5 square-meter) site, equivalent to S$1,865 per square foot per plot ratio, was 8.4% higher than higher than the second-highest bid from a consortium comprising Malaysian billionaire Jeffrey Cheah’s Sunway MCL and China’s CSC Land Group. “We are pleased to have emerged as the top bidder for the Peck Hay Road site, which is strategically located within the prime Newton residential enclave,” Sherman Kwek, group CEO of CDL, said in a statement released on Thursday. “Given the site’s close proximity to Orchard Road, excellent MRT connectivity and access to key amenities, the project is well-positioned to meet the aspirations of discerning homebuyers.”The company has been actively adding to its landbank as strong demand continues to support Singapore’s housing market, one of the most expensive in the world. The deal came after CDL and its partner Woh Hup Holdings submitted the highest bid of S$709.3 million in February for a 99-year leasehold residential site in the prime Tanjong Rhu area in eastern Singapore. For the Peck Hay Road project, Singapore-listed CDL will own an 80% stake, while the remaining 20% will be held by Hong Realty, a private property developer under the Kwek family’s Hong Leong Group.MORE FOR YOULocated near Scotts Road, the development is just a three-minute walk from the Newton MRT station and provides easy access to Singapore’s central business district. It is close to well-known schools, healthcare facilities and popular attractions such as Newton Food Centre. The area is also expected to benefit from future upgrades under the Urban Redevelopment Authority’s plan to create a mixed-use neighbourhood with more parks, green spaces and community amenities.With a combined net worth of $14.3 billion, Kwek and his family are among the wealthiest clans in Singapore, according to the list of Singapore’s 50 richest that was published in September 2025. Kwek also leads Singapore-based conglomerate Hong Leong Group, which his father founded in 1941. His cousin Quek Leng Chan, also a billionaire, owns and runs a separate group in Malaysia, also called Hong Leong.