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ST REGIS Residences has got the thumbs-up from none other than the wife of City Developments Ltd executive chairman Kwek Leng Beng, Cecilia Kwek, who has bought two apartments there for a total of $20.3 million.

Mr Kwek: Says his wife is a very 'smart investor' who saw a good deal in St Regis

At a recent press conference, Mr Kwek said that his wife was a very 'smart property investor' who had homes around the world, and seeing a good investment in St Regis Residence, had wanted a unit there as well. 'But I had to pay for it,' he said jovially.

In a press statement released yesterday, CDL said that its board of directors approved the sale of three units at St Regis Residences to 'interested persons'. The third unit was sold to Mr Kwek's sister, Kwek Lee Hoon, for $4.6 million.

Mr Kwek, who is chairman of the board, and his brother, Kwek Leng Joo, managing director of CDL, abstained from the review and approval of the proposed sales of the units.

Mrs Kwek's apartments, which are 4,306 sq ft and 3,757 sq ft, cost $11.4 million and $8.8 million respectively. This works out to about $2,650 psf and $2,355 psf respectively. The highest price reached for St Regis Residences is said to be $3,000 psf, paid by a European investor.

All three units bought by the Kwek family enjoyed a 15 per cent discount. CDL said that this discount was also offered to the public.

Mrs Kwek got an additional 2 per cent discount offered to directors of the company under its preferential discount scheme for the larger apartment.