Singapore home prices won't pop without migrants

(Aug 14): If Sherman Kwek sounds annoyed, he has his reasons — 2.9 million sf worth of reasons.

That figure, equating to 270,000 sqm, is the total salable area of apartments almost ready to hit the market on the books of City Developments, the Singapore developer controlled by the family of billionaire Kwek Leng Beng, who handed the keys of his empire this year to son Sherman.

The younger Kwek delivered strong second-quarter results last week. Sales grew 59% from a year earlier to $1.36 billion; profit surged almost 80% to $205 million.

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