Corporate digest

City Developments

CDL's luxury development Irwell Hill Residences has sold slightly over half of its 540 units over its launch weekend. It did not disclose the average selling price.

As at 6pm on Sunday, 278 units had been sold, including a sky penthouse for over S$9 million. About 80 per cent of the buyers are Singaporeans, while the remainder are from countries including China, Malaysia, Indonesia, Australia, South Korea and the UK. CDL had priced the apartments at an average of S$2,700 psf - from S$998,000 for a studio unit to over S$4 million for a four-bedroom premium unit with a private lift.

Located near the Orchard Road shopping belt, Irwell Hill features two 36-storey towers. CDL chief executive Sherman Kwek said that the firm will continue to execute its development pipeline, both locally and overseas.

Shares of CDL closed at S$8.12 on Friday.

Allied Technologies

KENNETH Low Si Ren, an executive director of Allied Technologies, was called in by the Commercial Affairs Department on Wednesday and released on a bail bond the same day, the Catalist-listed company disclosed on Friday night. No formal charges have been filed. Mr Low has been named as the co-accused in five of the charges that former lawyer Jeffrey Ong Su Aun is facing for the alleged misappropriation of Allied Tech's escrow funds.