Guocoland—controlled by Malaysian billionaire Quek Leng Chan and his family—sold 90% of a prime residential condominium project along the Singapore River during the weekend launch, adding to signs of resilient real estate demand in the city-state.

The company said it sold 410 of the 455-unit River Modern residential condominium in the River Valley precinct, near the Orchard Road shopping belt and the central business district, at S$1.5 million ($1.2 million) each for two-bedroom units and as much as S$6.7 million for each four-bedroom units. Average pricing for the project was S$3,266 per square foot, with the most expensive units selling at S$3,693 per square foot.

“River Modern’s pricing resonated with buyers,” Justin Quek, deputy CEO of Realin Group, said in a statement. “A significant number of units fall within the S$1.5 million to S$2.5 million range, which many see as an accessible entry point into a prime District 9 address. Coupled with the current lower interest rate environment, this has made the development particularly compelling.”

River Modern—which would comprise two 36-story residential blocks when completed in 2030, offering unobstructed views of the Singapore River for many of the apartment units—will be directly connected to the Great World MRT station.

“Many of our buyers were drawn to the exceptional attributes of River Modern’s site,” Dora Chng, residential director at GuocoLand, said in a statement. The projected is located in a popular district where several projects are currently under construction.

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Nearby projects that were launched last year also saw robust take-up rates. City Developments—controlled by Quek’s billionaire cousin Kwek Leng Beng and his family—is developing the nearby 706-unit Zyon Grand, which was 84% sold when the project was launched in October. More than half of the Promenade Peak—the 596-unit residential condominium being built by billionaire Robert Kuok’s Allgreen Properties—were taken up during the launch weekend in August.

Amid brisk real estate sales in the city-state, developers have been actively bidding at state land auctions to replenish their landbank. Last week, Guocoland and partners Intrepid Investments and TID Residential offered the top bid of S$657.1 million for a 99-year leasehold site in Central Lentor, in northern Singapore.

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With a real-time net worth of $7.5 billion, Quek is Malaysia’s second-richest tycoon. He is executive chairman of privately held Hong Leong Co. (Malaysia), which has interests in finance, food and property. He inherited part of his fortune from his father, one of three brothers who started a banking group in the 1920s. His cousin, Kwek Leng Beng, who shares his $14.3 billion fortune with his family, serv

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