You are using an older browser version. Please use a supported version for the best MSN experience.

Billionaire Developer's Son Buys $7.2 Million Singapore Apartment From Dad

Bloomberg logo Bloomberg 23/4/2019 Pooja Thakur

(Bloomberg) -- Billionaire property developer Kwek Leng Beng’s latest luxury condo in Singapore has seen robust demand since its launch last month. It doesn’t hurt that some of his own relatives have rallied to the cause.

Kwek’s wife and son, Cecilia and Kingston, spent S$9.8 million ($7.2 million) on an apartment in Boulevard 88, according to a City Developments Ltd. exchange filing late Monday. His nephew and City Developments’ group chief strategy officer Kwek Eik Sheng snapped up another unit on one of the upscale project’s lower floors for a more modest S$4.3 million.

a man wearing a suit and tie: City Developments Ltd. Chairman Kwek Leng Beng Attends Earnings News Conference © Bloomberg City Developments Ltd. Chairman Kwek Leng Beng Attends Earnings News Conference

Kwek senior, as chairman of City Developments, abstained from the board’s review and approval of the proposed sales, leaving it to the developer’s audit and risk committee to review the terms and conditions and greenlight the transactions.

Lucky for his relatives, they also got a discount. Kingston and Cecilia got 22 percent off, comprising the 20 percent early-bird discount offered to all members of the public plus another 2 percent because Kingston, as a director, is eligible for the preferential price cut offered to directors and their immediate family members. Nephew Eik Sheng got a 23 percent markdown, the 3 percent because he’s also a company employee.

To be fair, sales at Boulevard 88, located just off Singapore’s prime Orchard Road shopping district, have been pretty strong regardless. According to data released by the Urban Redevelopment Authority earlier this month, 26 of the 35 apartments that were marketed in March were sold, including one penthouse that went for S$28 million, or S$4,927 per square foot. That’s the highest price per square foot for a new unit since June 2013, property broker OrangeTee & Tie Pte said.

Private-home sales soared in March as developers marketed more projects after a typically slower February that included the Chinese Lunar New Year holiday. Developers sold 1,054 units last month, more than double the 455 in February.

(Adds private home sales data in final paragraph. An earlier version corrected Kwek’s family relations in second paragraph.)

To contact the reporter on this story: Pooja Thakur in Singapore at pthakur@bloomberg.net

To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Peter Vercoe

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

image beaconimage beaconimage beacon