Li looks offshore to new market

BILLIONAIRE Li Ka-shing is venturing into the Singapore housing market for the first time with a condominium in the pricey Thomson area.

The Business Times Singapore said Mr Li's Property Enterprises Development (PED) was to carry out a freehold development comprising 381 flats.

PED, formerly known as Concord Pacific Development, has Cheung Kong's deputy chairman, Victor Li Tzar-kuoi, and managing director, Albert Chow Nin-mow, as directors.

Mr Li is chairman of Cheung Kong and Victor Li is his eldest son.

The Thomson project, called 800 Thomson, is expected to cost S$130 million (about HK$708.5 million) to develop.

It sits on a 355,200 square foot site near Mount Alvernia Hospital and has a plot ratio of 2/1.