Billionaires Bid $450M for Singapore Condo Site

A joint venture has bid $450M for a site in Singapore. The site is part of a big redevelopment project.

This bid is a new record for a 99-year leasehold site in the city. It is 14% higher than the previous bid.

The site is in Berlayar Drive, Singapore.

The site can fit about 415 homes. It is near an MRT station.

Analysts think the consortium will get the site.

The CEO of ERA Singapore said the bidder sees the site's long-term potential. There will be new homes, amenities, and developments.

The site is also near two established town centers with many amenities.

The first Berlayar site was awarded to Kingsford Group. GuocoLand and Hong Leong Holdings bid second.

Developers may be saving money for the next site. It can fit 695 homes and has a higher plot ratio.

An expert said the site's low height may limit the price of the homes. Lower floors are usually cheaper.

Another expert said the low-rise project will not have the same views as taller buildings.

Kwek Leng Beng and Quek Leng Chan are first cousins. They are part of the same family that built the Hong Leong business.

Kwek Leng Beng is worth $3.8 billion. He controls Hong Leong Group Singapore.

Quek Leng Chan is worth $7.4 billion. He is the second richest person in Malaysia and controls Hong Leong Group Malaysia.

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