Kwek Leng Beng sees area's great potential

Hong Leong Group executive chairman Kwek Leng Beng. PHOTO: HONG LEONG GROUP

There are suggestions that Orchard Road has lost some shine but it remains the prime shopping district, location of choice for international brands, and the top choice of residents, says Hong Leong Group executive chairman Kwek Leng Beng.

"Compared with the Marina Bay area with its integrated resort and food and beverage offerings all within the crowded Central Business District, the Orchard area offers a more liveable and hip environment for residences," he said.

City Developments (CDL) and Hong Leong Group have invested in the Orchard Road area for more than 30 years, starting in the 1970s, when they bought two parcels of land along Cuscaden-Tanglin roads, developing them into apartments.

Mr Kwek sees "massive potential" in the area, saying: "Hong Leong Group owns a strategic stake of over 30 per cent in Tanglin Shopping Centre; there are St Regis Hotel and Residences and 10 Tanglin Road, a specialist retail development across the road. Of course we also have Delfi, Orchard Hotel and Claymore Connect."

Properties in this upper Orchard area sit on " valuable real estate that has the potential of seeing rising capital values".

CDL's upcoming project - Gramercy Park - is a 174-unit freehold condo in Grange Road.

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A version of this article appeared in the print edition of The Straits Times on July 15, 2015, with the headline Kwek Leng Beng sees area's great potential. Subscribe