GuocoTerre– controlled by Malaysian billionaire Quek Leng Chan – sold 84% of its suburban residential condominium project in the northern part of Singapore when it launched over the weekend, adding to signs that Lion City is defying a global economic slowdown. immovable.
The Singapore-listed company said it had already sold 508 units of the 605-unit Lentor Modern, a mixed-use development in the Lentor Hills estate, about 10 miles north of the central business district of Raffles Place. One-bedroom apartments of around 527 square feet (49 square meters) sold for S$1.07 million ($760,000), while four-bedroom units measuring up to 1,528 square feet took sold for S$3.33 million. Prices range from S$1,856 to S$2,538 per square foot.
“Lentor Modern has once again demonstrated our keen eye for spotting new locations with high potential, and our ability to introduce innovative and outstanding developments to anchor a new neighborhood identity,” said GuocoLand CEO Cheng Hsing Yao on Sunday. .
Due for completion in 2026, residents of Lentor Modern will have direct access to the Lentor MRT station. The development is also integrated into a shopping centre, which will offer a range of retail and F&B outlets as well as a supermarket and child care centre.
Guocoland bought the Lentor Modern site for S$784 million in July last year in a hotly contested state land auction that attracted bids from 10 property companies. Developers bid aggressively at government auctions and offered to buy existing condominiums for redevelopment to replenish their land bank amid high housing demand in the city-state.
Increased demand for its residential and commercial properties has supported GuocoLand’s revenues, with its net profit jumping 132% to S$392.7 million in the year ended June 30. Among his projects, the Wallich Residence atop Guoco Tower, Singapore’s tallest skyscraper, is around 85% sold. The 558-unit Midtown Modern, part of the Bugis neighborhood mixed-use development bordering Raffle Place CBD, is 75% sold, while the 219-unit Midtown Bay is 38% sold.
Guocoland is controlled by Quek, Malaysia’s second-richest man with a net worth of $9.8 billion, through the Hong Kong-based Guoco Group. Quek inherited his fortune from his father, one of three brothers who started a banking group in the 1920s. His cousin, Kwek Leng Beng, also a billionaire, is the executive chairman of Singapore-based property giant City Developments.