Hong Leong Group sells over $2.1 billion worth of new homes in 2020

By Valerie Kor
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - Hong Leong Group, which comprises listed developer City Developments (CDL), Hong Leong Holdings (HLHL), Hong Realty and TID, has sold 1,398 residential units, with total sales worth $2.11 billion this year (as at Dec 20). In 2018, total sales by the group amounted to 1,113 units ($2.2 billion) and 1,576 units ($3.3 billion) in 2019.
The group launched two residential projects in 2020 — the 566-unit Penrose in September and 376-unit The Avenir in January.
Penrose, a joint venture between HLHL and CDL, was the best-selling property launched in 3Q2020. Located along Sims Drive, it has since sold 413 units, or 73% out of its total 566 units, giving a total sales value of $530.26 million.
The Avenir in River Valley is a joint venture by HLHL, GuocoLand and Hong Realty. So far, the project has sold 49 units, or 13% of the total 376 units according to URA caveats lodged as of Dec 21.
Nearly three-quarters of the deals done by Hong Leong Group were completed after July, the group notes, adding that there was a pent-up demand right after the "circuit breaker". In 3Q2020, it sold 728, or around half of the total units sold in the year.
Most of the residential homes sold by the group this year were from mass-market projects such as Penrose, Piermont Grand, The Tapestry and Whistler Grand. There has also been a steady pick up in sales of its luxury projects such as Amber Park, Boulevard 88, The Avenir and South Beach Residences.
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The group says during the “circuit breaker”, there was a 30% increase in online viewings across CDL’s properties Boulevard 88, South Beach Residences and The Tapestry, as well as HLHL’s projects such as The Avenir, The Jovell and Midwood.
In addition, a spokesperson for Hong Leong Holdings says that with more people working from home, sustainable and innovative design concepts will gain traction as the local economy recovers next year, given the availability of Covid-19 vaccines.
Hong Leong Group is launching two new projects in 1H2021, beginning with TID’s 165-unit One-North Eden in District 5 and CDL’s 540-unit Irwell Hills Residences in District 9.
For price trends, recent transactions, other project info, check out these projects' research page: Piermont Grand, The Tapestry, Whistler Grand, Amber Park, Boulevard 88, The Avenir, South Beach Residences, The Jovell and Midwood

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