City Developments Ltd.’s offer for the rest of Millennium & Copthorne Hotels Plc it doesn’t already own isn’t just good news for the struggling U.K.-based hotel group.
With stock in Singapore’s second-largest developer jumping as much as 6.1% Monday, the Kwek family’s net worth shot up by S$227 million ($166 million), according to Bloomberg calculations.
City Developments’ Chief Executive Officer Sherman Kwek and his family hold at least 49% of the real estate firm through direct and deemed interests.
Not bad for a day’s work, particularly considering the share-price rise is the biggest intraday gain in more than two years.
While a $166 million bump may be a drop in the bucket for billionaire Kwek, it’d still buy him around eight penthouse apartments at one of City Developments’ latest luxury projects, Boulevard 88, located just off Singapore’s prime Orchard Road shopping district.