Beng’s Bold Moves: Expanding City Developments Amid Economic

With $837 Million in Acquisitions, the Billionaire Continues to Bet Big on Trophy Assets

Seizing Opportunities in Challenging Times

“I seize opportunities when everybody is frightened,” declared Kwek Leng Beng, the executive chairman of City Developments (CDL), at a media briefing in August. At 83 years old, the billionaire remains fearless in his investment strategy, committing S$1.1 billion ($837 million) in acquisitions despite global economic uncertainties and high interest rates.

Expanding a Luxury Hotel Portfolio

Among Kwek’s latest trophy acquisitions is the Hilton Paris Opera hotel, purchased for €240 million ($260 million) in May 2024 from a Blackstone fund. With 268 rooms, this historic hotel—built in 1889—is now the third Parisian property in CDL’s growing luxury portfolio, acquired just in time for the 2024 Summer Olympics in the French capital.

Kwek’s appetite for high-profile real estate is nothing new. In 1995, he made headlines when he teamed up with Saudi Prince Alwaleed bin Talal to buy New York’s iconic Plaza Hotel from a struggling Donald Trump. The pair sold the landmark in 2013, marking another lucrative deal in his career.

City Developments’ Performance: Mixed Results

CDL posted a strong net profit growth of nearly 33%, reaching S$88 million in the first half of 2024—thanks to higher earnings from its hotels and office properties. However, weaker residential sales led to a 42% revenue decline, bringing total revenue down to S$1.6 billion.

Kwek Leng Beng’s Legacy and Family Wealth

With an estimated $11.5 billion fortune, Kwek Leng Beng and his family remain one of Singapore’s wealthiest dynasties. His bold investment strategies and keen eye for trophy assets continue to shape CDL’s global expansion, proving that even in uncertain times, he remains a calculated risk-taker in the world of high-stakes real estate.

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