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n Singapore, two major property developers, UOL Group and Frasers Property, have seen strong sales of upscale residential units in separate projects despite the government's recent measures to curb property prices. The new regulations, introduced just two weeks ago, include a higher stamp duty on homebuyers who sell their properties within four years of purchase.

    Undeterred by these curbs, UOL launched its 35-story Upperhouse project in the Orchard Road shopping district over the weekend. Frasers Property also sold 143 units at an average price of S$3,360 per square foot for its Robertson Opus development along the Singapore River. The strong sales reflect buyers' confidence in the location and quality of these projects.

    UOL's Upperhouse, which features a rare 999-year tenure, has seen a high take-up rate with 162 units sold at an average price of S$3,350 per square foot. A high-floor unit was sold for around S$7.66 million. Frasers Property's CEO Soon Su Ling attributed the success to the project's unique features and prime location.

    The Wee family, which controls UOL Group, has seen its assets perform well despite the economic headwinds. The late tycoon Wee Cho Yaw's sons, Ee Cheong and Ee Lim, are among the wealthiest individuals in Singapore with a combined net worth of $7.8 billion.