UOL Group and its Singapore Land unit, both controlled by the family of the late banking and real estate billionaire Wee Cho Yaw– have partnered with CapitaLand Development (Singapore) to buy a residential condominium in the north central district of Bishan for S$810 million ($613 million) as demand for housing in the city-state accelerates.

The acquisition is conditional on approval of the sale by 80% of the owners of the existing 255-unit Thomson View condominium, near MacRitchie Reservoir. The property was initially marketed at S$918 million in February, but the price has since been lowered to S$808 million. according to to real estate consultant Edmund Tie, who. takes care of the sale.

The partners plan to redevelop Thomson View, originally built in 1975, into a 1,240-unit residential condominium, the consortium said in a statement this weekend. The property is located on a 540,314 sq ft (50,917 sq m) leasehold land with a term of 99 years, close to Upper Thomson MRT station and Popular Schools.

Real estate companies have been replenishing their land banks as demand for housing in Singapore continues to grow despite ongoing property restrictions that impose a heavy tax on foreign buyers. As housing prices continued to fall in the quarter ended September, developers sold 1,160 units during the quarter, compared to 725 units in the previous quarter, according to the latest government. data showed.

UOL has stepped up its property launches as demand recovers. As of early October, the company sold more than half of the 226 Meyer Blue units located in Katong district, eastern Singapore.

UOL, along with United Overseas Bank, are among the assets left by billionaire Wee Cho Yaw, who died in February this year aged 95, to his family. With a net worth of $7.8 billion, the Wee family is among the richest in Singapore. The late tycoon’s three sons – Ee Cheong, Ee Chao and Ee Lim – joined Forbes billionaires list in April this year. Ee Cheong is vice-chairman and CEO of UOB, while Ee Lim is chairman of UOL.