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Singapore Property Billionaire Sells Over Half Of Condo Project During Weekend Launch Amid Housing Boom

By News Creatives Authors , in Billionaires , at August 30, 2021

UOL Group—controlled by billionaire Wee Cho Yaw—said it had sold more than half of a residential condominium project in northern Singapore launched over the weekend, reflecting robust demand in one of the world’s most expensive housing markets.

About 60% of the 448-unit The Watergardens at Canberra—the first private residential project launched in northern Singapore in over six years—were sold during the weekend launch, the company said late Sunday. Four-bedroom units were offered at below S$1.8 million ($1.3 million), while two-bedroom units were selling at about S$920,000 and three-bedroom units at less than S$1.3 million.

Buyers were spread across all unit types and were attracted to the development because of its proximity to the newly opened Canberra MRT Station and the future North Coast Innovation Corridor industrial development, Jesline Goh, UOL chief investment and asset officer, said in a statement.

Residential property prices climbed 7.1% to record highs in the second quarter from the previous year, government data showed. Buyers have been snapping up properties amid expectations Singapore’s economy will gradually recover as the government eases pandemic-induced restrictions, with about 80% of the country’s residents already fully vaccinated.

To tap the surging demand, developers are planning to launch new housing projects in the coming months. City Developments—controlled by billionaire Kwek Leng Beng—said last month it plans to launch four residential projects comprising almost 2,000 housing units later this year and next year.

In partnership with CapitaLand, City Developments will launch Canninghill Piers, a 696-unit development in Clark Quay just across the Raffles Place financial district, in the fourth quarter. The project along the Singapore River is part of the redevelopment of the former site of the Liang Court shopping complex into a mixed-use residential, commercial and hotel complex.

In 2022, City Developments said it will launch the residential component of the Fuji Xerox Towers redevelopment project in Tanjong Pagar, on the edge of the Raffles Place central business district. It will also launch two other suburban residential projects in western and central Singapore next year. 

GuocoLand—controlled by Kwek’s cousin, Malaysian billionaire Quek Leng Chan—also plans to launch a 600-unit suburban residential condominium in northern Singapore by the second half of 2022. The company has seen robust demand for the housing component of Guoco Midtown, a mega mixed-use commercial, office and residential project in the Bugis area on the edge of the CBD.

Apart from high-rise residential condominiums, developers are also launching landed properties amid increasing demand from wealthy technopreneurs whose fortunes have swelled in the past year as the pandemic boosted food deliveries, online shopping and mobile payments. 

“Taking advantage of the buoyant residential market in Singapore, the group has started to sell its apartments in Sentosa Cove with some success,” billionaire Chua Thian Poh, chairman and CEO of Ho Bee Land, said in statement accompanying its first-half results announcement on August 12.

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