City Developments Ltd. (CDL), controlled by billionaire Kwek Leng Beng and his family, has sold 84% of a major residential project in Singapore. The strong sales add to signs that the city-state’s property boom is still going strong.
Over the weekend, CDL sold 590 units at the Zyon Grand development near Singapore’s central business district. The project has a total of 706 units across two 62-story towers.
The homes sold at an average price of S$3,050 per square foot. CDL is developing the project with Japan’s Mitsui Fudosan along Zion Road, close to the Orchard Road shopping area.
Sherman Kwek, group CEO of CDL, said the strong response shows buyer confidence in the project and steady demand for high-quality homes. Following the announcement, CDL shares rose 1.4% to a two-year high.
Zyon Grand is part of a larger mixed-use development. It includes restaurants, a supermarket, childcare facilities, and a separate tower with Singapore’s first long-stay serviced apartments.
Other luxury projects have also seen fast sales. GuocoLand recently sold most units at Faber Residence, while UOL Group and CapitaLand Development nearly sold out their Skye at Holland project.
Singapore home prices have risen for four straight quarters. Lower loan rates and an increase in wealthy foreign residents continue to support demand in the private housing market.
Property analysts say new citizens and permanent residents are driving interest in high-rise living. With strong demand and rising prices, Singapore’s residential market remains resilient despite global uncertainty.
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