Far East Group, managed by billionaire brothers Robert and Philip Ng, in partnership with Japanese home Sekisui, has submitted the best bid of 320.8 million Singapore {dollars} ($226 million) for a suburban residential web site within the Higher Bukit Timah district of western Singapore.

The duo’s bid was increased than the second-highest bid of S$316 million from billionaire Kwek Leng Beng’s Metropolis Developments, based on the City Redevelopment Authority. Different bidders embrace banking and actual property tycoon Wee Cho Yaw’s UOL Group and Sim Lian Land.

Far East and Sekisui plan to construct two 27-storey blocks of 330 items on the ten,395 sq. meter web site at Hillview Rise. Situated close to Hillview MRT station, the undertaking will probably be constructed within the established residential enclave of Higher Bukit Timah.

The land on Hillview Rise is one in all two residential websites up for public sale by the URA because the authorities lately introduced new restrictions to curb hovering home costs.

On the different public sale, Sembawang Estates submitted the best bid of S$200 million for a smaller piece of land alongside Bukit Timah Hyperlink. The corporate plans to construct a 20-storey block with 160 items on the 4,611 sq. meter web site.

Builders have been shopping for up state-owned land in addition to non-public redevelopment websites to rebuild their land provide amid sturdy housing demand in Singapore, which is defying a worldwide actual property downturn. Dwelling costs within the city-state soared 3.8% within the third quarter to report highs, after rising 3.5% within the earlier three months as hovering rents continued to entice patrons regardless of latest measures launched by the federal government to curb hovering costs.

Far East has been among the many most lively improvement web site patrons over the previous yr. In August 2021, it and sister firm Sino Group purchased a web site alongside Jalan Anak Bukit, additionally within the Bukit Timah space, for S$1 billion in a hotly contested authorities public sale. In Could, the duo teamed up with Perennial Holdings to purchase the Golden Mile complicated on the sting of Singapore’s central enterprise district for S$700 million and redevelop the long-lasting landmark into blended industrial and residential use.

Brothers Robert and Philip Ng are the bulk shareholders of Far East, Singapore’s largest non-public property proprietor and developer. Older brother Robert oversees their Hong Kong pursuits held by the Sino Group, whereas Philip handles Singapore affairs. With a web value of $15.2 billion, the siblings ranked No. 2 in Singapore’s 50 richest checklist launched in September. The group was based by their father Ng Teng Fong, who moved from China to Singapore in 1934 and have become often known as “The King of Orchard Highway”.

Supply : https://www.forbes.com/websites/jonathanburgos/2022/11/03/billionaire-ng-familys-far-east-sekisui-submit-top-bid-of-226-million-for-singapore-condo-site/

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