City Developments Ltd. (CDL) Replenishes Landbank Amid Robust Demand

City Developments Ltd. (CDL) submitted the highest bid for a residential site in Bukit Batok, controlled by billionaire Kwek Leng Beng. The real estate giant is replenishing its landbank amid continuing robust demand.

View of city skyline w. skyscrapers. Serge Attal/Getty Images
I see a city skyline with towering skyscrapers. The sun is shining and the city looks alive and vibrant. I feel a sense of excitement and possibility.

City Developments Ltd. (CDL), controlled by billionaire Kwek Leng Beng, has submitted the highest bid for a residential site in the western Singapore town of Bukit Batok. This move by the real estate giant comes as it looks to replenish its landbank amid continuing robust demand for properties in the city, despite soaring interest rates and slowing economic growth.

If the Housing and Development Board awards CDL the site, the company plans to build 10 blocks of 12 to 13 story apartment buildings with a total of 510 residential units on the property. This would be an amazing development for the Bukit Batok area, and it is great to see a company like CDL investing in the future of Singapore.

The Bukit Batok site is conveniently located near the existing Bukit Gombak MRT and two upcoming stations on the North-South line. City Developments is developing the 639-unit Copen Grand condominium project in nearby Tengah Garden Walk, slated to be launched for sale later this year. This is great news for those who are looking for a new home in Bukit Batok! With the MRT and two upcoming stations nearby, this makes for a great location.

The new Tengah New Town and Jurong Lake District are set to bring a host of new amenities and good connectivity to the area, and the development of this site will only add to that. Sherman Kwek, Group CEO of City Developments, expressed excitement at the prospect of transforming the site into a sustainable and well-built residential area that will be a landmark for the community. With the Tengah New Town and Jurong Lake District set to bring so much positive change to the area, this development is certainly one to watch.

City Developments is adding to its landbank after seeing robust demand for its projects in Singapore, which is defying a global property downturn that has triggered a slump in housing prices across Australia and China as central banks around the world tighten monetary policies to curb runaway inflation. Looking ahead, the company is confident that it will be able to continue to ride on the strong demand for property in Singapore, as well as its strong fundamentals, to continue to grow its business and create value for shareholders.

The developers of Piccadilly Grand are pleased with the strong interest shown in the project, with 315 of the 407 units sold in May. The development is located just four kilometers from the central business district, making it a convenient option for those who want to live close to the city. With the remaining units sure to sell quickly, Piccadilly Grand is shaping up to be a great success.

It is encouraging to see that suburban projects are also seeing robust sales. This is a positive sign for the property market in Singapore, and bodes well for the future of the city-state.