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. It will comprise a four-storey block and three 20-storey towers, and is due for completion in 1998. The Business Times reported that pre-sales of apartments could begin late this year. Mr Li also has a stake in Singapore's Suntec City.