CDL of Singapore’s 2nd richest man Kwek Leng Beng begins previews for luxury residences with units from $1M

That works out to S$3,012 per square foot (US$25,171 per square meter) for one-bedroom units measuring 431 square feet (40 square meters) at the project, called Newport Residences, according to the developer’s press release on Wednesday.

Two-bedroom units, measuring 646-926 sq ft, are priced from S$1.97 million. One- and two-bedders account for 79% of units.

Three-bedroom units sized 980-1,227 sq ft start at S$3.24 million while four-bedders (2,067 sq ft) are priced from S$8.28 million.

At the top end is one Super Penthouse spanning 12,960 sq ft, complete with a private lift and two dedicated parking lots, with pricing available on application, The Business Times reported.

Previews for the project are scheduled for Friday while sales bookings will start on Jan. 31.

Situated along Anson Road in prime District 2, the freehold luxury residences occupy levels 23 to 45 of Newport Plaza, a 45-storey mixed-use tower that also houses serviced apartments, Grade A offices, retail space and restaurants.

Newport Plaza was redeveloped from FujiXerox Towers, an office complex completed by CDL in 1987 that was originally known as the IBM Building and long regarded as a CBD landmark.

An artist's impression of the Newport Plaza development. Photo from City Developments Limited's website

The development sits within walking distance of three MRT stations and is the first freehold mixed-use project under a scheme that promotes converting office buildings into mixed-use developments in the CBD, EdgeProp Singapore reported.

Previews for Newport Residences were initially slated for April 2023 but were delayed after the government raised additional buyer’s stamp duty rates as part of measures to cool investment demand.

"With strong and resilient demand for recent new launches in prime areas, such as our Zyon Grand project, the time is right to unveil this rare freehold offering with commanding views of the CBD and the future Greater Southern Waterfront," said Sherman Kwek, CDL’s group CEO and Leng Beng’s son, in the press release.

Zyon Grand is a joint venture between CDL and Mitsui Fudosan, launched last October. The 99-year leasehold mixed-use project comprising 706 residential units housed in two 62-storey towers sold 84% of its units on its launch weekend.

As of Jan. 13, sales at the project had reached 86%, with units transacting at an average price of $3,054 psf, The Edge Singapore reported.

Leng Beng is CDL’s executive chairman. He and his family were ranked second on Forbes’ Singapore rich list last September with a combined net worth of US$14.3 billion.