Joint venture involving CDL of Singapore’s second-richest billionaire Kwek Leng Beng sells most units on launch weekend

By Hien Nguyen October 28, 2025 | 04:28 pm PT

City Developments Limited Executive Chairman Kwek Leng Beng poses with a scale model of the St Regis Residence during its launch ceremony in Singapore, June 1, 2006. Photo by Reuters

Zyon Grand, a joint venture involving City Developments of Singapore’s second-richest man Kwek Leng Beng, sold 84% of its units at launch, with prices averaging S$3,050 per square foot (US$25,334 per square meter).

Some 590 of 706 units at the twin 62-story residential towers were sold over the previous weekend, developers CDL and Mitsui Fudosan said on Sunday.

Permanent residents, including those from China, Malaysia, India, Indonesia, South Korea and Japan, made up around 14% of the sales while Singaporeans accounted for 84%.

Zyon Grand, situated along Kim Seng Road near the upscale River Valley enclave, is an integrated development that also includes restaurants, a supermarket, an early childhood care center and a 36-story tower housing Singapore’s first long-stay serviced apartment complex.

An artist's impression of the Zyon Grand twin towers. Photo courtesy of City Developments Limited

Kelvin Fong, CEO of real estate agency PropNex, noted that Zyon Grand is the first private residential project to incorporate long-stay serviced apartments, a new category with a minimum stay of three months introduced by the government to better meet rental housing demand, as quoted by EdgeProp Singapore.

Units at Zyon Grand range from one-bedroom-plus-study apartments measuring 474 square feet (44 square meters) to five-bedroom supreme units with private lifts spanning 1,819 square feet, priced between S$1.3-5.99 million (US$1-4.6 billion), according to The Business Times.

The project also has two exclusive five-bedroom penthouse units, one of which was sold for over S$10 million, the developers said.

It is among a string of prime condominium launches that have seen strong demand in recent weeks, per Forbes.

Earlier this month, GuocoLand, controlled by Malaysian billionaire Quek Leng Chan, sold 86% of its 399-unit Faber Residence in the Clementi area. Skye at Holland, a 666-unit luxury project in the popular expat enclave Holland Village developed by UOL Group and CapitaLand Development, has also nearly sold out.

"We are very pleased with the strong response to Zyon Grand, particularly amid a very active period of new property launches," said Sherman Kwek, CDL’s group CEO and son of executive chairman Kwek Leng Beng.

"As one of the largest projects launched this year, the positive take-up reflects the market’s confidence in this landmark integrated development and the genuine demand for distinctive homes in a sought-after neighborhood."

The Kweks ranked second on Forbes’ list of Singapore’s 50 richest, released in early September. They boast an estimated net worth of US$14.3 billion.