Far East Organization, controlled by billionaire brothers Robert and Philip Ng, in partnership with Japanese space Sekisui, submitted the highest bid of S$320. 8 million ($226 million) for a suburban residential in the Upper Bukit Timah district of western Singapore.
The duo’s bid is higher than billionaire Kwek Leng Beng’s second-highest bid from City Developments of $316 million, according to the Urban Redevelopment Authority. Other bidders come with banking and real estate mogul Wee Cho Yaw and Sim Lian Land’s UOL Group.
Far East and Sekisui plan to build two 27-story blocks of 330 sets on the 10,395-square-meter Hillview Rise. Located near the Hillview MRT station, the assignment will be built in the established residential enclave of Upper Bukit Timah.
The land at Hillview Rise is one of two residential sites auctioned through the URA since new restrictions recently announced to curb rising home prices.
In the other auction, Sembawang Estates bid for S$200 million for a smaller piece of land along Bukit Timah Link. The company plans to build a 20-story block with 160 sets on the site of 4611 square meters.
Developers have bought state-owned land as well as personal redevelopment sites to fill their land reserve amid strong demand for housing in Singapore, which defies the global housing slowdown. record levels, after emerging 3. 5% in the last 3 months, as sky-high rents continue to attract buyers despite recent measures taken by the Government to curb sky-high costs.
Far East has been among the most active buyers of progressive s since last year. In August 2021, she and sister company Sino Group bought Jalan Anak Bukit, also in the Bukit Timah region, for S$1 billion in a hotly contested government auction. In May, the duo partnered with Perennial Holdings to buy the Golden Mile Complex on the outskirts of Singapore’s central business district for $700 million and remodel the iconic mixed-use announcement and residential landmark.
Brothers Robert and Philip Ng are the majority shareholders of Far East, Singapore’s largest owner and developer of personal assets. Big brother Robert oversees his Hong Kong interests through Sino Group, while Philip runs the Singapore business. With a net worth of $15. 2 billion, the brothers ranked second on Singapore’s 50 richest list released in September. The organization was founded by his father Ng Teng Fong, who moved from China to Singapore in 1934 and is known as “The King of Orchard Road. “