Billionaire Kwek Leng Beng’s CDL Outbids Rivals With $422 Million Offer For Prime Singapore Site |
City 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........