Four of the most prominent billionaires in Singapore, the Kwee brothers, have just announced their first overseas ventures as the two multi-billionaires revealed their plans to add a new skyscraper to the NYC skyline. The four brothers currently have a combined net worth of $5.2 billion from their ventures, and have recently been rated as the fifth richest in Singapore. According to a statement from the successful business moguls, they have plans for a new 1,050 foot skyscraper for New York City, set to appear in a spot between 53rd and 54th street. This new skyscraper will find its place in an area of New York City known as “Billionaire’s Row,” a nickname that was earned from the luxury penthouses and homes on the area that average $11,000 per square foot.
This newly unveiled building will be known as Pontiac Land. The new Pontiac Land building will be housing several galleries from the Museum of Modern Art (currently located just down the street from this prime NYC location) and 145 different luxury apartment homes. These stunning new homes will not only feature high end finishes, but highly covetable views of Central Park as well.
This exciting new project has been developing for quite some time, and ideas for the venture first arose back in 2007, when the property was bought by Houston based Hines property firm and Goldman Sachs. After a great deal of stalling with the project after the market crash the project is now back on track with the Singapore billionaires adding $200 million to the project. The group has also negotiated an additional $860 million construction loan for the effort from a collection of banks in Asia. According to reports, the original investing partners in the project will continue to be involved with the new project.
The Kwee brothers are currently the largest landlords in all of Singapore, but this effort in New York City will be their first project outside of Singapore. The project was officially unveiled last month, and no other information has been revealed about an expected completion date.
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