The panoramic views of the South China Sea are offered by Cape Royale.
Ho Bee Land, controlled by billionaire Chua Thian Poh, has begun selling some of its luxury waterfront residential condominiums at Cape Royale on Singapore's Sentosa Island, nearly a decade after completing the project.
The three-bedroom apartments went for a median price of S$4 million and the four-bedroom units went for S$5 million, according to the developer.
After the government introduced property cooling measures, Ho Bee and IOI Properties decided to rent out the apartment units first before selling the condominiums. Government data shows that prices across Singapore have increased by 20% since then.
The company pioneered high-rise residential developments at Sentosa Cove. It has built several condominiums in the exclusive residential enclave, which overlook the marina. Chua has been playing the long game in these projects.
He predicted in an interview that this would become a world address for Singapore. There are a lot of waterfront properties. We will do well when the market comes back.
The strategy has paid off, with Ho Bee reporting a 141% increase in net profit to S$330.5 million in 2021.
Chua started making hooks and spikes for the logging industry and later established Ho Bee as a luxury property developer. He was the 34th richest person in Singapore with a net worth of over $1 billion.
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