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CDL Bids $422M for Singapore Site
City Developments Ltd. (CDL), controlled by billionaire Kwek Leng Beng, with its partner Hong Realty, won the highest bid of S$542.4 million ($422 million) for a residential site near Orchard Road in Singapore. The 59,347-square-foot site at Peck Hay Road is valued at S$1,865 per square foot and is near the Newton MRT station and premier amenities. CDL plans to develop a project on the site, which is part of the company’s strategy to expand its landbank amid strong demand for Singapore’s expensive housing market.
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