Billionaire Launches Luxury Residential Condos at Cape Royale
Development company Chua Thian Poh, who is a billionaire, developed and opened Cape Royale at Sentosa Island in Singapore. He has now decided to launch available some of the luxury residential condos at that project, over ten years since initial op[...]
Ho Bee Land, controlled by billionaire Chua Thian Poh, has begun selling some of its luxury waterfront residential condominium units at Cape Royale on Singapore's Sentosa Island, nearly a decade after completing the project.
The Singapore-listed developer announced on Wednesday that it had sold about half of the 50 units it launched for sale, with three-bedroom apartments fetching a median price of S$4 million ($2.85 million) and four-bedroom units going for S$5.5 million.
Ho Bee and partner IOI Properties, controlled by Malaysian billionaire brothers Lee Yeow Chor and Lee Yeow Seng, completed the 302 apartment units in 2013 but decided to rent them out (instead of selling) as housing prices fell after the government introduced property cooling measures at that time; since then, prices across Singapore have risen about 20%, according to
The company developed the first high-rise residential buildings at Sentosa Cove, which offer views of the South China Sea. It has built several condominiums in the exclusive residential enclave, including Turquoise and Seascape, overlooking the marina. Chua, founder and executive chairman of the company, has been patient in these projects.
In an interview with Forbes Asia, the developer said that the property would become a major address for Singapore. "There are not many waterfront properties in Singapore," he explained. "When the market recovers, when international buyers return, we will do well."
The strategy has paid off, with Ho Bee reporting a 141% increase in net profit to S$330.5 million in 2021, thanks to increased rental income from its office properties in London and rising sales of its residential projects in Sentosa Cove.
In the early stages of his career, Chua, 73, made hooks and spikes for the logging industry. Later on, he became a luxury property developer known for constructing high-end condos. His net worth of $1.35 billion was enough to put him at No. 34 when the list of Singapore's 50 Richest was last published in August 2018.