Singapore Billionaire Leads $2.7 Billion Bid for Land in One of the World’s Most Expensive Locations

City Developments Ltd. (CDL), controlled by billionaire Kwek Leng Beng and his family, and its partner Hong Realty submitted the highest bid for a prime residential site near Singapore’s main shopping district, underscoring continued demand in one of the world’s most expensive housing markets. The partners offered S$542.4 million for a 99-year leasehold plot on Peck Hay Road in Newton, an upscale residential area close to Orchard Road. The bid translates to about S$1,865 per square foot of potential floor area and was 8.4% higher than the second-highest offer, which came from a consortium comprising Malaysia’s Sunway MCL and China’s CSC Land Group.

CDL said it was pleased to win the tender for the site, describing the location as strategically positioned in Newton, one of Singapore’s most prestigious residential enclaves. The company highlighted the project’s strong appeal, citing its proximity to Orchard Road, MRT connectivity and access to urban amenities. The land parcel covers 5,513.5 square meters and is expected to support a development aimed at affluent homebuyers seeking convenience and exclusivity.

The acquisition reflects CDL’s ongoing expansion of its land bank as Singapore’s private residential market remains resilient despite already elevated prices. The deal follows another major land win earlier this year, when CDL and Woh Hup Holdings submitted the top bid for a 99-year leasehold residential site in Tanjong Rhu, in eastern Singapore, with an offer of S$709.3 million.

Under the Peck Hay Road venture, CDL will hold an 80% stake, while Hong Realty will own the remaining 20%. Hong Realty is a private developer under the Hong Leong Group, the family business associated with the Kweks. The site is near Scotts Road and about a three-minute walk from Newton MRT station, giving residents quick access to the central business district.

The neighborhood is also close to established schools, healthcare facilities and popular dining destinations such as the Newton Food Centre. It is expected to benefit from future upgrades planned by Singapore’s Urban Redevelopment Authority, which aims to transform the area into a mixed-use district with more parks, green spaces and community facilities. That long-term development vision may further support demand for homes in the area.

Kwek Leng Beng and his family have an estimated combined fortune of US$14.3 billion, according to Singapore’s 50 richest ranking published in September 2025. Kwek also heads Hong Leong Group, which was founded by his father in 1941. His cousin, Quek Leng Chan, is a billionaire in Malaysia and runs an independent Hong Leong-branded group there.