Billionaire property developer Kwek Leng Beng’s latest luxury condo in Singapore has seen robust demand since its launch last month. It doesn’t hurt that some of his own relatives have rallied to the cause.
Kwek’s wife and son, Cecilia and Kingston, spent S$9.8 million ($7.2 million) on an apartment in Boulevard 88, according to a City Developments Ltd. exchange filing late Monday. His nephew and City Developments’ group chief strategy officer Kwek Eik Sheng snapped up another unit on one of the upscale project’s lower floors for a more modest S$4.3 million.
According to data released by the Urban Redevelopment Authority earlier this month, 26 of the 35 apartments that were marketed in March were sold, including one penthouse that went for S$28 million, or S$4,927 per square foot. That’s the highest price per square foot for a new unit since June 2013, property broker OrangeTee & Tie Pte said.
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