City Developments Limited (CDL) chairman Kwek Leng Beng’s family has purchased 2 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.
Kwek’s wife and son received a 22% discount, comprising the 20% early-bird discount offered to members of the public and an additional 2% 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% discount, with the 3% representing the preferential discount offered to company employees.
– April 24, 2019