Finance

CDL billionaire Kwik Ling Bing to launch suburban apartment project despite Singapore property restrictions

CDL billionaire Kwik Ling Bing to launch suburban apartment project despite Singapore property restrictions

City Developments Ltd (CDL) – controlled by billionaire Kwek Leng Beng – has embarked on the launch of a suburban condominium project in the western part of Singapore, reflecting confidence in property demand despite new government property restrictions.

Marketing for Copen Grand – a 639-unit Executive Condominium (EC) project being jointly developed by City Developments with Hongkong Land unit MCL Land – will begin tomorrow, about a week after authorities tighten home loan limits to ensure borrowers can afford the highest rates. . The government is trying to rein in soaring property prices in Singapore, which has defied a global downturn in the property sector as foreign buyers snapped up luxury apartments in the city-state seen by investors as a safe haven.

Copen Grand will be the first EC in the upcoming city of Tengah in western Singapore, which means that eligible buyers can receive a housing grant of up to S$30,000 (US$21,000) from the government. According to the CDL, “While homebuyers will consider the impact of recent policy changes, ECs are designed for a select group of eligible buyers who are specifically privileged to purchase a home with a suite of full condo amenities.” “With the limited supply of new ECs coming into force, now is the time to go.”

The Copen Grand Government Housing Grant will be beneficial to eligible homebuyers, with prices starting at S$1.08 million for a two-bedroom unit with a study area and as much as S$1.88 million for a five-bedroom unit.

“Copen Grand is the first EC to be built in Tengah Town, Singapore’s leading smart and sustainable city,” said Rob Jarman, CEO of MCL Land, in a statement. “Buyers will benefit from the first mover advantage in the new futuristic region.”

CDL and MCL are building 12 of the 14-storey residential tower blocks on the Tengah Garden Walk in the heart of Tengah Town, which the government aims to develop as a smart neighborhood connected to the nearby business district and advanced manufacturing hub in Jurong District.

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“Copen Grand has been thoughtfully designed as a smart, resource-efficient project,” CDL CEO Sherman Kwik said in a statement. “It offers exceptional comfort as it is located within walking distance of three upcoming MRT stations, which is unique for the European Commission.”

Copen Grand is the second project to be launched by the partners this year. In May, the duo sold 77% of Piccadilly Grand, a 407-unit housing development on Northumberland Road, about four kilometers east of Raffles Place’s central business district, within two weeks after it was marketed.

House prices in Singapore continued to rise despite rising mortgage rates and government restrictions on property, with the value of private property rising 3.4% in the third quarter compared to the previous three months, according to flash estimates released by the Urban Redevelopment Authority on Monday.

To keep up with the strong housing demand, developers have renovated their land banks. Last month, a wholly owned subsidiary of CDL submitted the highest bid of S$336 million for a 178,936-square-foot (16,623 sq m) plot of land in the western Singapore town of Bukit Batok. The company plans to build 10 blocks of 12 to 13 floors with a total of 510 housing units on the property.

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