{"id":106504,"date":"2019-04-24T11:48:03","date_gmt":"2019-04-24T04:48:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-chairmans-family-buys-two-units-at-boulevard-88\/"},"modified":"2019-04-24T12:09:35","modified_gmt":"2019-04-24T05:09:35","slug":"cdl-chairmans-family-buys-two-units-at-boulevard-88","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-chairmans-family-buys-two-units-at-boulevard-88\/","title":{"rendered":"CDL chairman\u2019s family buys two units at Boulevard 88"},"content":{"rendered":"


\nAn SGX filing revealed that the family members received discounts on their condo purchases.
\nCity Developments Limited (CDL) chairman Kwek Leng Beng\u2019s family has purchased two units at the company\u2019s latest luxury condominium project.
\nKwek\u2019s wife and son \u2013 Cecilia and Kingston \u2013 purchased an 18th floor unit in Boulevard 88 for $9.8 million, while his nephew \u2013 Kwek Eik Sheng, who also serves as group chief strategy officer at CDL \u2013 paid $4.3 million for a ninth storey unit.
\nSEE ALSO: Boulevard 88 Sells 20 Units At $3,550 Psf On Average
\nIn an SGX filing, CDL noted that the elder Kwek \u201cabstained from the board\u2019s review and approval of the proposed sale of the units\u201d.
\nIt also revealed that Kwek\u2019s wife and son received a 22 percent discount, comprising the 20 percent early-bird discount offered to members of the public and an additional two percent since Kingston is a director, hence eligible for the preferential discount offered to directors of the company and their immediate family members.
\nEik Sheng, on the other hand, enjoyed a 23 percent discount, with the three percent representing the preferential discount offered to company employees.
\nBoulevard 88 has received strong interest since its launch in March. Data from the Urban Redevelopment Authority showed that 26 of the 35 apartment units marketed last month have been sold, including one penthouse that was transacted for $28 million or $4,927 psf, reported Bloomberg.
\nProperty agency OrangeTee and Tie noted that it is the highest psf price achieved for a new unit since June 2013.
\nSEE ALSO:\u00a0The complete guide to buying a new launch condo in Singapore
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CDL chairman\u2019s family buys two units at Boulevard 88<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An SGX filing revealed that the family members received discounts on their condo purchases. City...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-106504","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-rHO","jetpack-related-posts":[{"id":54495,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-posts-8-4-rise-in-q1-revenue\/","url_meta":{"origin":106504,"position":0},"title":"CDL posts 8.4% rise in Q1 revenue","date":"May 12, 2017","format":false,"excerpt":"\r Despite a challenging market, City Developments Limited (CDL) recorded a revenue of SGD783.8 million in Q1 2017, up 8.4% from the SGD723.3 million in the same period a year ago, revealed an SGX filing on Thursday (11 May). \u201cThe increase is attributable to improved performance from the property development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63408,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-to-benefit-from-property-upcycle-calls-for-review-of-qc-policy\/","url_meta":{"origin":106504,"position":1},"title":"CDL to benefit from property upcycle, calls for review of QC policy","date":"August 11, 2017","format":false,"excerpt":"\r CDL\u2019s Kwek said the property market appears to be getting stronger, but warned of dangers such as an upward spiral in land costs and housing prices. Property giant City Developments Limited (CDL) said it is well-poised to benefit from the property upcycle after several years of subdued market conditions\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71440,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-profit-down-8-3-in-q3-2017\/","url_meta":{"origin":106504,"position":2},"title":"CDL profit down 8.3% in Q3 2017","date":"November 10, 2017","format":false,"excerpt":"\r Lush Acres is a 99-year Leasehold Executive Condominium located at Sengkang West Way\/Fernvale in District D28. (Photo: Lush\u00a0Acres) City Development Limited\u2019s (CDL) net profit for the third quarter of 2017 fell 8.3 percent to $156 million, while revenue dropped 6.5 percent to $863 million. For the first nine months\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104373,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-wants-govt-to-help-sentosa-property-market\/","url_meta":{"origin":106504,"position":3},"title":"CDL wants govt to help Sentosa property market","date":"February 25, 2019","format":false,"excerpt":"\r The developer is urging the Singapore government to transform the island resort into a vibrant tourist hotspot like Indonesia\u2019s Bali.\u00a0 Amidst the weak luxury housing market in Sentosa, City Developments Limited (CDL) is urging the Singapore government to transform the island into a vibrant tourist hotspot like Indonesia\u2019s Bali,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31412,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-exits-stake-in-luxury-condo\/","url_meta":{"origin":106504,"position":4},"title":"CDL exits stake in luxury condo","date":"October 24, 2016","format":false,"excerpt":"\r Nouvel 18 is a prime freehold project near Orchard Road. (Photo: CDL) Sunmaster Holdings, a unit of City Developments Limited (CDL), has entered into an agreement to exit its entire interest in Summervale Properties, the owner of Nouvel 18 \u2013 a 156-unit luxury residential development on Anderson Road, for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":105873,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-clinches-500m-green-loan-for-new-development-projects\/","url_meta":{"origin":106504,"position":5},"title":"CDL clinches $500m green loan for new development projects","date":"April 8, 2019","format":false,"excerpt":"\r 11 Tampines Concourse is the first CarbonNeutral development in Asia Pacific and Singapore. (Photo: CDL) City Developments Limited (CDL) has secured its first green loans which amounted to $500 million, revealed the property developer in an SGX filing last Friday (April 5). 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