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CDL Chairman’s Family Buys Two Units At Boulevard 88

City Developments Limited (CDL) chairman Kwek Leng Beng’s family has purchased two units at the company’s latest luxury condominium project.

Kwek’s wife and son – Cecilia and Kingston – purchased an 18th floor unit in Boulevard 88 for $9.8 million, while his nephew – Kwek Eik Sheng, who also serves as group chief strategy officer at CDL – paid $4.3 million for a ninth storey unit.

SEE ALSO: Boulevard 88 Sells 20 Units At $3,550 Psf On Average

In an SGX filing, CDL noted that the elder Kwek “abstained from the board’s review and approval of the proposed sale of the units”.

It also revealed that Kwek’s wife and son received a 22 percent discount, comprising the 20 percent early-bird discount offered to members of the public and an additional two percent since Kingston is a director, hence eligible for the preferential discount offered to directors of the company and their immediate family members.

Eik Sheng, on the other hand, enjoyed a 23 percent discount, with the three percent representing the preferential discount offered to company employees.

Boulevard 88 has received strong interest since its launch in March. Data from the Urban Redevelopment Authority showed that 26 of the 35 apartment units marketed last month have been sold, including one penthouse that was transacted for $28 million or $4,927 psf, reported Bloomberg.

Property agency OrangeTee and Tie noted that it is the highest psf price achieved for a new unit since June 2013.

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