GuocoLand of Malaysia’s 2nd richest man Quek Leng Chan sells 90% of Singapore condo project on launch weekend

Some 410 out of 455 units across the two 36-storey blocks were sold at an average price of S$3,266 per square foot (US$27,366 per square metre), with the highest transaction reaching S$3,693 psf, the developer said in a press release on Sunday.

Units ranged from two-bedders, priced at S$1.5 million each, to four-bedroom apartments at S$6.7 million.

Three-bedroom apartments saw the strongest demand, with about 95% of the units sold. Take-up rates for two- and four-bedroom units also exceeded 80%.

GuocoLand said nearly all buyers were Singapore citizens or permanent residents.

Most buyers are expected to be owner-occupiers, ranging from singles to multi-generational households, it added.

The 99-year leasehold development sits on a 126,325-square-foot (11,736-square-metre) site in District 9 within the city-state’s core central region. It also features about 4,300 square feet of retail space on the ground floor.

It is directly linked to the Great World MRT station and is just a train ride from key destinations such as the Orchard Road shopping belt, Singapore Botanic Gardens, Marina Bay and the central business district.

Property agencies said the strong sales highlight continued demand for well-located developments in the region. Other recent launches in the area, including Zyon Grand, Skye at Holland and River Green, also posted solid sales during their launch weekends.

Kelvin Fong, CEO of real estate agency PropNex, said sales at River Modern offer an early indication of buyer sentiment amid geopolitical uncertainty and heightened market caution.

“The impressive sales performance of River Modern reflects the resilience of Singapore’s property market, which is underpinned largely by local housing demand and the country’s standing as a safe haven, supported by its political and financial stability,” The Business Times quoted him as saying.

GuocoLand’s next residential launch in Singapore is expected to be Tengah Garden Residence in the outside central region, slated for release later this year.

Last week, a consortium led by the developer won a tender for the 99-year leasehold Lentor Central private housing site in the city-state’s northern side with a top bid of S$657.1 million. The consortium included TID Residential, a joint venture involving a firm controlled by Quek’s cousin Kwek Leng Beng.

The developers plan to build three residential towers on the site, which is expected to be launched around 2027, according to EdgeProp Singapore.

GuocoLand is chaired by Quek, who ranks second among Malaysia’s richest billionaires with a net worth of US$7.5 billion, according to Forbes.

His cousin Kwek, who is the executive chairman of Hong Leong Group and Singapore-listed property developer City Developments Limited, also placed second on the magazine’s Singapore rich list last September.