Billionaire Cousins Offer Lone Bid For Singapore Housing Site Amid Record Home Prices A joint venture between companies controlled by Malaysian billionaire Quek Leng Chan and his Singaporean cousin Kwek Leng Beng emerged as the sole bidder in the latest government tender for a residential site, r...
on Tuesday it will evaluate the only bid for the 99-year leasehold site, and make a decision at later date whether to award the winning bid to the partners.
“Given the [recent] cooling measures, macroeconomic uncertainties and increased housing supply in Lentor, [some] developers may have been more cautious,” Steven Tan, CEO of property consultant OrangeTee & Tie, said by email, referring to the underwhelming result of the auction. The Lentor Gardens site can yield approximately 530 residential units, Tan added.
Companies controlled by the billionaire cousins are among the most active homebuilders in Singapore, acquiring limited housing sites across the island nation to replenish their land banks as the city-state continues to defy a global housing downturn. rose 3.2% in the three months to March to a fresh record high, compared to the previous quarter, while transaction volumes slipped about 8% to 3,309 units quarter-on-quarter, flash estimates published by the URA on Monday show.have teamed up to jointly undertake a housing project in Singapore. In January 2022, Quek’s GuocoLand, partnered with Intrepid and TID Residential—both linked to Kwek’s Hong Leong—to buy a 17,136-square-meter plot in Lentor Hills Road for S$586.
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