Billionaire Property Developer Chua Thian Poh’s Long-Term Bets Are Paying Off In Singapore And Beyond
, 2022-09-07 15:55:08,
This story is part of Forbes’ coverage of Singapore’s Richest 2022. See the full list here.
After establishing Ho Bee Land as a niche developer of luxury homes for the uber-rich in the Sentosa waterfront enclave, Chua is doubling down overseas with the acquisition of The Scalpel, London’s iconic office tower.
Many property developers pay lip service to taking a long-term view on their projects, and then there’s Chua Thian Poh, founder and executive chairman of Singapore-based real estate firm Ho Bee Land. He waited nine years for the right opportunity to start sales of condos in his 302-unit Cape Royale project, which was jointly developed by Ho Bee and Malaysia’s IOI Properties in 2013 in the posh neighborhood of Sentosa Cove.
In July, he began taking offers and with some 25 units sold right off the bat, sales since then have so far been good with an additional 10 units sold. The three-bedroom apartments are fetching a median price of S$4 million ($2.85 million) and four-bedroom units going for at least S$5.5 million. Even by the elevated standards of Sentosa Cove, one of Singapore’s most exclusive districts, Cape Royale’s location at its far end gives it some of the best views available, while also abutting a marina where condo owners can berth their yachts and chill out at a private club.
“We thought it’s a unique property,” says…
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