CDL chairman’s family, nephew buy two units at luxury condo

Billionaire property developer Kwek Leng Beng’s latest luxury condo project in Singapore has seen robust demand since its launch last month. It does not hurt that some of his own relatives have rallied to the cause.

Mr Kwek’s wife Cecilia and son Kingston spent $9.8 million on an apartment in Boulevard 88, according to a City Developments Limited (CDL) exchange filing late on Monday.

His nephew and CDL’s group chief strategy officer Kwek Eik Sheng snapped up another unit on one of the upscale project’s lower floors for a more modest $4.3 million.

The senior Mr Kwek, as chairman of CDL, abstained from the board’s review and approval of the proposed sales, leaving it to the developer’s audit and risk committee to review the terms and conditions, and greenlight the transactions.

The family buyers also got a discount.

Mrs Kwek and the junior Mr Kwek got 22 per cent off, comprising the 20 per cent early-bird discount offered to all members of the public plus another 2 per cent because the junior Mr Kwek, as a director, is eligible for the preferential price cut offered to directors and their immediate family members.

City Developments’ latest luxury condo project Boulevard 88 has two 28-storey residential towers and is located just off Singapore’s prime Orchard Road shopping district. PHOTO: CITY DEVELOPMENTS LIMITED

The nephew got a 23 per cent markdown, the extra 3 per cent because he is also a company employee.

To be fair, sales at Boulevard 88, located just off Singapore’s prime Orchard Road shopping district, have been pretty strong regardless.

According to data released by the Urban Redevelopment Authority earlier this month, 26 of the 35 apartments that were marketed last month were sold, including one penthouse that went for $28 million, or $4,927 per sq ft. That is the highest price per sq ft for a new unit since June 2013, property broker OrangeTee & Tie said.

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