An artist’s impression of The Orie residential condo project in Top Payoh in central Singapore. Photo courtesy of City Developments
A company controlled by billionaire property tycoon Kwek Leng Beng will start selling premium condos in central Singapore in the next two weeks as the local housing market shows signs of recovering.
City Developments, the second-largest property developer in Singapore behind Far East Organization, will start booking sales on Jan. 18 for its 777-unit condo project The Orie, according to Forbes.
It asks for SGD1.28 million (US$935,000) for a one-bedroom of around 48 square meters.
Prices go up to SGD3.48 million ($2.5 million) for a five-bedroom unit.
“Nestled in the vibrant and highly sought-after Toa Payoh estate, homebuyers will benefit from its central location and excellent connectivity,” Sherman Kwek, group CEO of City Developments, said in a statement.
The project is being developed in a partnership between City Developments and Frasers Property – controlled by Thai tycoon Charoen Sirivadhanabhakdi – and Japan’s Sekisui House.
It is planned to be built on two towers in the first private residential project to be launched in Toa Payoh since 2016.
Singapore government data shows a 2.3% rise in private residential prices in the fourth quarter after dropping 0.7% in the third quarter.
City Developments owns rental apartments across the U.K., Japan, Australia and the U.S.
Kwek Leng Beng, who is the executive chairman, has a net worth of $11.5 billion that he shares with his family, ranking him No. 4 on the list of Forbes’ Singapore’s 50 Richest which was published in September.
