01 Oct '17, 10pm

Locals stayed away from Singapore's record-breaking land sale. That's ominous

It's not enough that a Malaysian tycoon is paying the most ever to build a new office block in Singapore. What's more important is that his billionaire Singapore cousin is staying away. Malaysian billionaire Quek Leng Chan's Guocoland Ltd. snagged the Beach Road site for a record S$1.62 billion ($1.2 billion), beating four suitors, out of which another three were foreign. Tellingly, cousin Kwek Leng Beng's City Developments Ltd. didn't bother to join the contest. Nor, as broker Cushman & Wakefield notes, did other prominent Singapore builders like CapitaLand Ltd. or Keppel Corp. The lone Singaporean bid, by brothers Robert and Philip Ng's Far East Organization Pte, was also the lowest at S$1.295 billion. The winning Beach Road bid $1.2 billion What's attracting foreign builders like Quek, as well as former Chinese soldier Cui Zhengfeng, Hong Kong "Superman" Li Ka-shing and...

Full article: https://www.bloomberg.com/gadfly/articles/2017-10-01/sing...

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