City Developments Ltd. (CDL)—controlled by billionaire Kwek Leng Beng and his family—has sold 84% of an upscale residential skyscraper near the Singapore central business district over the weekend, adding to signs the property boom in the city-state is continuing.
The Singapore-listed property developer sold 590 units of the 706-unit Zyon Grand twin 62-story residential towers at an average selling price of S$3,050 ($2,351) per square foot, CDL said in a statement over the weekend. The company is jointly developing the project with Japan’s Mitsui Fudosan along Zion Road, near the Orchard Road shopping district.
“As one of the largest projects launched this year, the positive take-up reflects the market’s confidence in this landmark integrated development and the genuine demand for distinctive homes in a sought-after neighbourhood,” Sherman Kwek, group CEO of City Developments, said in the statement.
Zyon Grand is part of an integrated development that features restaurants, a supermarket, and early childhood care center and a 36-story tower that houses Singapore’s first long-stay serviced apartment complex.
The project is one of several prime residential condominium projects that have seen brisk sales in recent weeks. Earlier this month, Billionaire Quek Leng Chan’s GuocoLand sold 86% of the 399-unit Faber Residence in the western Singapore town of Clementi, while UOL Group—controlled by the family of late banking tycoon Wee Cho Yaw—and partner CapitaLand Development have sold nearly all the units at the 666-unit Skye at Holland—an upscale condominium project in the expatriate enclave of Holland Village.
Singapore home prices rose for the fourth consecutive quarter in the three months ended September as declining domestic lending rates and an influx of wealthy foreign residents bolstered demand. Prices of private residential properties climbed 0.9% in the third quarter from the previous three months, according to data released by the Urban Redevelopment Authority on Friday.
“New citizens and permanent residents who favor high-rise living have been acquiring homes in a stable Singapore, against the backdrop of a destabilising global environment,” Leonard Tay, Singapore-based research head of British property consultancy Knight Frank, said by email. He noted that the city-state welcomed 22,766 new citizens and 35,264 new permanent residents in 2024.