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S'pore gets US$1.12b "South Beach"
Tue, Sep 11, 2007
AFP

SINGAPORE, Sept 11, 2007 (AFP) - A consortium led by property developer City Developments Ltd (CDL) has won a 1.12 billion US dollar bid for development of two luxury hotels, office, retail and residential space on a prime location in the city-state, the company said.

The winning project, known as "South Beach", is an equal partnership between Scottsdale Properties Pte Ltd -- a CDL subsidiary -- Istithmar Beach Road Fze, and Elad Group Singapore Pte Ltd, CDL said in a statement late Monday.

It said the tender price for the project on Beach Road was 1.69 billion Singapore dollars.

CDL is part of Singapore tycoon Kwek Leng Beng's Hong Leong Group, while Istithmar Group is owned by Dubai World of the United Arab Emirates, and El-Ad Group is a privately-held North American-based real estate corporation, CDL said.

"Singapore has evolved into a truly world city that is able to attract international investors, exclusive hotel and retail brands. Given its strategic location, South Beach is designed with a clear intent to bring economic benefits to complement the rapid growth of our city-state," said Kwek Leng Joo, CDL's managing director.

The city-state is undergoing a property and construction boom that includes two casino-resorts.

The Urban Redevelopment Authority (URA), which is responsible for land use planning, said tendered concepts and prices were presented in separate envelopes. Only concepts that satisfied the initial design-related criteria were shortlisted and their price envelopes examined, URA said.

It said that of the seven initial tenders, only two qualified for the second stage.

"Central to the concept proposal of the winning bid is the adoption of environmental design approach and green technology to create a distinctive, high-quality development for the site that responds well to the tropical climate and the urban context," URA said in a statement.

It said the winning design includes towers with extensive sky gardens, slanting facades which aim to direct airflow downwards, and photovoltaic cells on the exterior.

Along with the new towers, the 3.5-hectare (8.6-acre) site includes historic army buildings that will be restored, URA said.

CDL said the project is targeting a 2012 completion date.

In June, Malaysia's Tune Hotels.com said it had set up a joint venture with Istithmar PSJC, the investment arm of state-owned Dubai World, and City e-Solutions, a hospitality business majority-owned by CDL, to open 30 budget hotels in Southeast Asia.

 
 
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