Singapore Tycoon Kwek Leng Beng’s CDL Suburban Housing Project Sees Robust Sales Despite Property Curbs

Singapore Tycoon Kwek Leng Beng’s CDL Suburban Housing Project Sees Robust Sales Despite Property Curbs

An artist's impression of the Piccadilly Grand, a residential condominium being jointly developed by ... [+] City Developments and Hongkong Land unit MCL Land. City Developments—controlled by billionaire Kwek Leng Beng—has sold 77% of its residential units at Piccadilly Grand, a residential condominium it is jointly developing with Hongkong Land unit MCL Land just outside the Singapore central business district, despite the government's property cooling measures. The duo sold 315 units of the 407-unit Piccadilly Grand on Northumberland Road, about four kilometers east of the CBD, two weeks after the project was launched for sale. Five-bedroom units of 1, 582 square feet (147 square meters) were sold for more than S$3 million ($2. 2 million), while one-bedroom units of 484 square feet were priced at S$1. 06 million, the partners said in a statement over the weekend. Piccadilly Grand, comprising three 23-story residential towers, is City Developments' first property launch since the government introduced property cooling measures in December to temper housing prices, which have remained resilient even as the Covid-19 pandemic upended the global economy. On Sunday, the government imposed an additional tax on transfers of residential property to living trusts, closing a loophole used by buyers to avoid