KSH wins deal to build boutique hotel – The project will be part of Marina Bay’s newest lifestyle hub

KSH Holdings, a construction and property development group, yesterday said it has won a contract to build a luxury boutique hotel at Clifford Pier.

The contract, which BT understands is worth close to $120 million, is awarded by Hong-Kong listed property group Sino Land, the sister company of Singapore property giant Far East Organization.

The Clifford Pier hotel will be part of Marina Bay’s newest lifestyle hub, and will offer a wide mix of complementary uses, including F&B, retail and entertainment outlets, KSH said.

Work on the project will start this month and is expected to be completed within 20 months.

In December last year, Sino Land won the hotly contested site at Collyer Quay. The site also includes the single-storey Clifford Pier and the former two-storey Customs Harbour Branch Building.

Then Sino Land, which is controlled by the family of property magnate Ng Teng Fong, put in the two highest bids out of the three short-listed.

The winning tender of $165.8 million was anchored by a luxury boutique hotel featuring about 120 rooms with ‘full sea views’.

KSH said that under the terms of the contract, it will provide a range of services for the building of the six-storey hotel, including conserving Clifford Pier and the former Customs Harbour Branch Building.

The new contract brings the total value of construction contracts secured by the company since the beginning of this year to $279 million. The contract also brings the existing order books of the company’s construction business to a new high of $405 million.

‘Going forward, we are confident that this mega project will further enhance our track record and put us in an excellent position to secure prestigious projects of higher contract values,’ said Choo Chee Onn, KSH’s executive chairman.

The company also said that its fully owned subsidiary Kim Seng Heng Engineering Construction recently secured three new contracts with a combined value of $63.9 million.

KSH’s shares gained 3 cents to close at $1.12 yesterday.

Source : Business Times – 11 Sept 2007

Downtown residential site put on Confirmed List

THE Urban Redevelopment Authority (URA) has put a residential site at Enggor Street on the Confirmed List of the Government Land Sales Programme for the second half of 2007.

Previously on the Reserve List, the site – Enggor Street (Land Parcel A) – is now almost certainly assured of a faster sale as it no longer requires a committed minimum bid before being put up for public tender.

The site has an area of about 0.30 ha and can generate a maximum permissible gross floor area of about 25,504 sq m (274,522.5 sq ft), and is zoned for residential use with commercial use on the first storey.

CBRE Research executive director Li Hiaw Ho notes that transactions in June and July showed that prices for units at the neighbouring Icon ranged from $1,150 psf to $1,700 psf while those at The Clift ranged from $1,400 psf and $2,100 psf.

‘The subject site can be developed into 260-300 apartments and assuming that it will take up the commercial option for the first storey, we expect that the site could fetch a price of $180 million to $200 million or $655 per square foot per plot ratio (psf ppr) to $715 psf ppr,’ said Mr Li.

‘At this level, the residential units could be launched at around $1,300 psf to $1,400 psf,’ he added.

In May, the URA announced that it would temporarily disallow the conversion of office use in the Central Area, which includes the CBD, to other uses like residential apartments until Dec 31, 2009, to curb further depletion of the existing stock of office space.

The move put on hold the strategy to revitalise the CBD by encouraging owners to redevelop their old office buildings.
Mr Li notes that the core CBD area has traditionally been a place for business and as such, human activities tend to be confined to business hours on weekdays.

But revitalisation of the CBD could continue regardless of the temporary halt on office conversions.

Already being built are Icon, Lumiere, The Clift, and One Shenton.

‘With the live-in population of the core CBD areas increasing in the foreseeable future due to the influx of residential developments, more complementary uses of retail, food and beverage and entertainment might prove to be sustainable on weekends and after hours,’ he added.

Source : Business Times – 05 Sep 2007

Chevron House sets record price for office block deals

CapitaLand and its partners have sold their stakes in Chevron House (formerly known as Caltex House) at Raffles Place in a deal that values the leasehold office block at $730 million or $2,780 per square foot of net lettable area.

This sets a new record for an entire office building, surpassing the $2,650 psf set earlier this year for the freehold 1 Finlayson Green. Chevron House stands on a site with a remaining lease of about 81 years.

Market watchers are wondering if a new record price will soon be achieved, possibly for Hitachi Tower next to Chevron House and in which CapitaLand also has a 50 per cent stake.

The 999-year leasehold Hitachi Tower, which faces Collyer Quay, was earlier reported to have attracted a top bid of $3,200 psf of net lettable area, following an expression of interest exercise.

However, industry talk now is that negotiations with the top bidder may have met with some hitches – although it is suggested that this does not necessarily mean the deal is off. ‘It could just mean that negotiations may now be open with the other bidders,’ one observer said.

When contacted, a CapitaLand spokeswoman said: ‘The owners of Hitachi Tower are negotiating with several parties to divest their interests, and we will make the appropriate announcement if any definitive agreement has been signed.’

CapitaLand owns Hitachi Tower jointly with National University of Singapore.

The property giant declined to identify the party to whom it and its partners have sold their stakes in Chevron House. But it is believed to be a foreign fund.

‘Globally, in the real estate investment market, it is the international funds that are buying, because that’s where the capital is being raised. And you have a whole variety of investors – including private equity, savings (including pensions), professional investment groups,’ an industry player said.

Jones Lang LaSalle is understood to have brokered the sale of Chevron House.

CapitaLand owns a 50 per cent stake in Chevron House, with IP Property Fund Asia and NTUC Income Insurance Co-operative each holding 25 per cent. The three parties own their stakes in Chevron House through Savu Properties Ltd and under yesterday’s deal, are selling their stakes in this company.

The completion date of the sale is Sept 24. ‘Upon completion, CapitaLand will recognise in its group consolidated accounts a gain of approximately $150.8 million,’ the group said yesterday.

The average prime office capital value rose 117 per cent year-on-year in the second quarter of this year to $2,500 psf, while average monthly Grade A office rental value in Q2 this year was $13.10 psf, up 92.6 per cent from the same period last year, according to CB Richard Ellis data.

Source : Business Times – 31 Aug 2007

CapitaLand sells 50% stake in Chevron House for over S$366m

CapitaLand has sold its entire 50 percent stake in Chevron House for over S$366 million.

When the deal is done, the property developer will book a gain of S$151 million on the investment.

Chevron House is an office building in the banking and financial district of Raffles Place.

It was formerly known as Caltex House.

CapitaLand has been taking advantage of the buoyant office property market to divest its interest in several commercial buildings.

Another of its property, Hitachi Tower, is also said to be up for sale. – CNA/ms

Source : Channel NewsAsia – 30 Aug 2007

LaSalle makes top bid for Anson Road site

LASALLE Investment Management (LIM) was the top bidder yesterday for a 99-year leasehold commercial plot next to International Plaza, with a bid of $237.2 million or $941 psf of potential gross floor area.
 
 LIM, which bid on behalf of its LaSalle Asia Opportunity III Fund, is planning a 20-storey office development with about 200,000 sq ft net lettable area. ‘It’ll be a Grade A, ‘Gold Standard’ building,’ said LIM regional director Andrew Heithersay.
 
 LIM managing director (Asia Pacific) Ian Mackie said: ‘We may or may not take a joint venture partner for the development.’ The office development, near Tanjong Pagar MRT station, will target occupiers looking for cheaper accommodation close to downtown, he added. The project may be completed around late 2009.
 
 LIM’s top bid for the 27,281 sq ft plot was 7.8 per cent lower than the $1,021 psf per plot ratio that Mapletree Investments paid for a bigger site across the road last month. The price was lower as the latest site is ‘inferior in shape and size, resulting in an office development with a much smaller floor plate of around 12,000 sq ft – compared with 22,000 sq ft for the earlier site – as well as lower efficiency’, said an analyst.
 
 A Mapletree unit was the second highest bidder at yesterday’s tender, at $800 psf ppr – 15 per cent below LIM’s price. The only other bidder, Wing Tai, offered $634 psf ppr.
 
 CB Richard Ellis estimates that LIM’s bid reflects a break-even cost of $1,700-1,800 psf. ‘This would provide the successful bidder with a stabilised yield of around 4.5 to 5.0 per cent, based on a gross monthly rent of $9 to $10 psf,’ it said.
 
 However, industry sources suggest LIM is looking at a $13 psf average monthly rent. The Anson Road site will be the maiden Singapore investment for the LaSalle Asia Opportunity III Fund, which is planning to make about US$12 billion worth of acquisitions over the next three to four years. ‘Singapore remains one of our primary target markets. We’re interested in all sectors – office, retail, industrial, residential and hotel,’ Mr Heithersay said.
 
 Earlier acquisitions here by LIM for its other funds include the collective sale of Rainbow Gardens at Toh Tuck Road, and Swissotel Merchant Court hotel, as well as stakes in two hotels opening next year – Crowne Plaza Changi Airport and Ibis Bencoolen Street.
 
 LIM, part of the Jones Lang LaSalle group and a leading real estate money management firm, yesterday also announced an A$738 million (S$926 million) acquisition, on behalf of Asia Property Fund, of a 50 per cent stake in the Westfield Doncaster mall development in Melbourne.
 
 Source : Business Times – 29 Aug 2007

One Shenton

One Shenton – This architectural iconic jewel designed by world-renowned architect Carlos Otts comprises 341 apartments and penthouses. Soaring with twin towers at 50 and 42 storeys high, One Shenton will dramatically enhance Singapore’s Skyline, offering residents spectacular unforgettable views of the energetic city, green parks and soothing waters. One Shenton is perfect for those seeking a seamless connection to live, work and play 24/7.  

Located in the heart of the new vibrant city, it sits at the edge of Marina Bay, within close proximity to the Integrated Resort, Business Financial Centre, Raffles MRT Station and proposed ‘Landmark’ MRT Station. Inner-city living is set to be dynamically transformed as activities at the new Marina Bay, including a host of convention, leisure, commercial and entertainment facilities at the Integrated Resort, waterfront promenades, Gardens by the Bay will keep you busy around the clock. At One Shenton, you will be at the centre where it all happens. 

Location: 1 Shenton Way (District 1)
Tenure: 99 years from 14 October 2005
Expected TOP: Sept 2011
Site Area: 40,369sqftD
evelopment: A twin tower residential development with retail space on first storey
Storey Height: Tower 1 (50 Sty), Tower 2 (43 Sty)
Total Car park lots: 383
Total Units: 341 

Unit Types:
1BR / 1BR + study ~ 517-1,001sqft
2BR ~ 904-1,227sqft
3BR ~ 1,485-1,604sqft
4BR ~ 1,787-2,271sqft
Sky Suite ~ 5,199-6,082sqft
Sky Villa ~ 6,674-9,085sqft 

Recreational Facilities:
Lobby Level (Ground Level)
Concierge, Lounge
Club Level (Level 8 )
Lap Pool, Leisure Pool, Jet Pool, Wading Pool, Bridge Lounge, Landscape Feature Pond, Social Patio, Sun Deck, Cabanas, Function Room, Entertainment Terrace, Outdoor Gourmet Cooking, Theatrette/ Entertainment Room, Lounge/ Refreshment/ Juice Bar, Games Rooms, Library, Outdoor Reading, Laundry Room
Wellness Level (Level 24 & 25)
Sky Gym, Sky Lounge, Spa Garden, Spa Lounge, Outdoor Exercise Terrace, Relaxation Alcove, Yoga Terrace 

Email lushhome@gmail.com for available units and pricing.

The Sail @ Marina Bay

The Sail @ Marina Bay would be the new icon set at the skyline of Marina Bay, which is located in Marina Boulevard. It is considered a 6-star waterfront lifestyle condominium.

An architectural icon soars to greet the sky, the structure of The Sail is 245 metres and 70 storey high. The Sail is Singapore’s tallest condominium / apartment and it is among the top 10 tallest residential building in the world.

This development offers panoramic city view of Marina Bay and the sea. It is close to the Suntec City, proposed Integrated Resort with Casino, Esplanade, Singapore River. Targeted to set a new benchmark for an integrated lifestyle environment.

From 1 bedroom to 4 bedroom types as well as penthouses, all 1,111 luxury units are meticulously designed to maximise space usage and to integrate both office and home into one complete lifestyle concept.

Location: Marina Boulevard (District 1)
Developer: City Development Ltd and AIG
Tenure: 99 years
Year of Completion: 2009
Total Units: 1,111

Unit Types:
Studio ~ 592 – 818 sq ft
2 bedrooms ~ 883 – 1,356 sq ft
3 bedrooms ~ 1,184 – 2,002 sq ft
4 bedrooms ~ 1,776 – 2,185 sq ft
Penthouse ~ 3,391 – 6,297 sq ft

Facilities:
Spa / Aqua gym pool
Lap pool
Children’s pool
Main pool
Tennis courts
Jogging track
BBQ area
Children’s playground
Steam bath / massage therapy room
Gymnasium
Exercise studio

Every unit at The Sail @ Marina Bay will take full advantage of its iconic location with commanding views of the spectacular Marina Bay and beyond, the impressive skyline of Singapore or the aerial park vista of the neighbouring Central Linear Park.

For excellent service with a ready smile, rely on the hotel-styled concierge, exclusively only for residents of The Sail @ Marina Bay.

Indulge in the infinity-edged pool. Work out at the unique aqua gym, or the comprehensive gymnasium with a panoramic vista of the Marina Bay. Luxuriate in extensive spa facilities. Play a game at the tennis courts. Everything you need for total health and wellness is right here.

The Recreation Room and Executive Club Lounge on the 34th storey of the Central Park Tower and 44th storey of the Marina Bay Tower sky terraces, respectively, are lavishly furnished and spill out to open-air gardens. Landscaped for meditative fitness, the sky terraces present breathtaking views of the dynamic skyline and the sea.

Please email us at lushhome@gmail.com for available apartments at attractive prices.

Marina Bay Residences

CROWN Jewel Of Marina Bay

Poised to become the most desirable address in Singapore, Marina Bay Residences is a new iconic landmark that will redefine the meaning of luxurious living.

Set in the heart of the brand new Marina Bay district, Marina Bay Residences offers residents a superb selection of business and pleasure activities. The Marina Bay Financial Centre is right next door and the corporate and business centre of Raffles Place is less than a five minute stroll away. With the new Marina Bay Sands integrated resort and the Esplanade just across the Bay, Marina Bay Residences is the ultimate location for living, working and playing.

At the heart of it all

Marina Bay Residences will place residents at the very heart of exciting Marina Bay and connect them to the rest of Singapore via the East Coast Parkway, the Raffles Place Mass Rapid Transport (MRT) station and the upcoming Circle Line MRT. The rest of the world is close by too – thanks to Marina Bay Residences offering easy access to Changi Airport. Residents can even commute to work along the Singapore River via river taxis.

Location: Marina Boulevard, Marina Bay Financial Centre (District 1)
Developer: Keppel Land Ltd, Hongkong Land, Cheung Kong Holdings Ltd
Tenure: 99 years
Year of Completion: 2010
Total Units: 428
Unit Types:
1 bedrooms ~ 66 sq m (710 sq ft) – 70 sq m (753 sq ft)
2 bedrooms ~ 91 sq m (980 sq ft) – 114 sq m (1,227 sq ft)
3 bedrooms ~ 151 sq m (1,625 sq ft) – 185 sq m (1,991 sq ft)
4 bedrooms ~ 220 sq m (2,368 sq ft) – 221 sq m (2,379 sq ft)

Facilities:
Lap pool
Reflecting pool
Children’s pool
Jacuzzi
Clubhouse
Gymnasium
Steam bath
Function room
KTV
Playground
Basement car park
24 hours security

A wealth of entertainment options surround you

At Marina Bay Residences, you will be surrounded by a vast array of entertainment options thanks to the exciting new Marina Bay Sands integrated resort right next door.

This landmark in entertainment will also offer the most exquisite cuisine from around the world. Over a dozen restaurants, including six destination-style restaurants managed by world famous chefs from the US, Japan, Australia and Italy, are set to make Marina Bay and Singapore the epicurean capital of Asia.

You will also be able to enjoy world-class entertainment in two 2,000-seat theatres. Or explore the fascinating worlds revealed by a unique ArtScience Museum.

Dining experiences that set your senses alight

At Marina Bay Residences you will be spoilt for choice when it comes to superb dining experiences. Dine al fresco under the stars and by the water, at Boat Quay and the Marina Bay Waterfront. Enjoy the most exquisite repasts at Singapore’s finest restaurants and hotels. Food lovers will also be able to treat themselves to authentic local cuisine at famous food centres. Whatever your tastes and fancies, Marina Bay Residences will meet your desires.

Indulge in Ultimate Shopping

Your new home at Marina Bay Residences will put you in close proximity to the finest shopping in Singapore. You will be in the midst of some of the world’s most exclusive retailer brands including Saks Fifth Avenue and Neiman Marcus. Down by the new waterfront at Marina Bay, you will have a selection of shops and boutiques to explore. A short stroll will take you to mega malls like Marina Square and Suntec City. And you can be in the shopping mecca of Orchard Road in less than 10 minutes. Whether for life’s daily necessities or the most luxurious brands, Marina Bay Residences puts you close to everything.

Discover the Fine Art of Living

Art lovers and theatre goers are well catered for at Marina Bay Residences. Just across the Bay, the stunning esplanade regularly hosts world-renowned artists and world-class performances. With the conversion of the old Supreme Court and City Hall buildings into Singapore’s new National Art Gallery, you will be able to enjoy the critically acclaimed Asian and international artworks. An exciting revamp of the Collyer Quay will create a whole new space to show case the arts. And, even closer to home, Marina Bay Residences homeowners can explore the fascinating art galleries and boutiques that will line the new waterfront.

Immediately adjacent to Marina Bay Residences, the Central Promontory will be a signature waterfront development that will be home to many public attractions, including a museum, art gallery, science centre, planetarium or aquarium. It will also house retail, food and beverage, recreational and entertainment outlets as well as possible convention halls.

Relax and unwind in the Gardens of the City

Living at Marina Bay Residences puts you in close proximity to the green sanctuaries of the Gardens By The Bay. These stunning parks and gardens will further enhance Singapore’s reputation as a beautiful garden city. The 54-ha Marina South garden is planned around giant tree-like structures for orchids and ferns, shell-shaped cooled conservatories that showcase flowers and plants from more temperate climates and a mini-lake. Plans for the 30-ha Marina East garden include wind-and water-themed gardens featuring lotus ponds, eateries set amidst herb and vegetable gardens and a nature education centre. A third 10-ha garden in Marina Centre is also planned for.

Savour the pure joy of living by the waterfront

Marina Bay Residences offers the perfect setting to enjoy the sights and sounds of aquatic water sports, such as jet ski and wakeboard championships, water skiiing, canoeing and dragon boating in the newly created fresh water Marina Bay Reservoir. For those who desire less energetic pursuits, a jog or gentle stroll around the Bay will allow you to savour the glint of golden sunlight sparkling on tranquil waters and the stunning skyline of the city. You could even indulge yourself with a cruise on one of the many River taxis that meander up and down the Singapore River and the Bay.

All the right connections

As well as being your exclusive sanctuary of luxury, Marina Bay Residences places you in the very centre of things. The Central Business District and Raffles Place are literally right at your doorstep. Wireless broadband internet connections mean that you are never out of touch anywhere within the Residences. And, because it is integrated with the landmark Marina bay Financial Centre, Marina Bay Residences offer you the ultimate living and working choices in the very heart of Singapore’s newest business district.

An Architectural Masterpiece

How many people can claim ownership of a stunning home created by one of the world’s leading architects? The fortunate owners of Marina Bay Residences will be members of this very exclusive club.

Conceived and created by New York-based Gene Kohn of Kohn Pedersen Fox, the crystal-like architectural design of Marina Bay Residences is destined to become a landmark on the Bay and will add a signature image to Singapore’s skyline.

The facade of Marina Bay Residences is illuminated from below, creating a glorious night-time landmark. The sculpted crowns and sky gardens at the top are dramatically lit from the inside, forming a visual dialogue with the other crowns of the CBD skyline.

Unmatched facilities with dazzling views

On its 7th floor, Marina Bay Residences provides a complete range of superb condominium facilities that combine stunning views with sumptuous luxury. Splash out in the lap pool and children’s pool, relax in the jacuzzi, stroll through open pavilions, enjoy intense workouts in the gym or wind down with a cool evening barbecue and take in the glorious sights of the sea, the Bay and the CBD skyline.

Indulge yourself totally

On the 47th floor, Marina Bay Residences takes luxury to a new level with a wonderful spa-like retreat that sets you high above it all. Here you can relax and escape from the challenges of a busy working day by practicing yoga as the lights of the city glitter and dance far below you. Relaxation and meditation corners as well as cosy function rooms allow you to escape to your very own exclusive world of luxury.

Marina Bay’s most exclusive club

When you live at Marina Bay Residences, you will join a very select few. And the magnificent 47th floor Sky Lounge is a fitting reflection of this achievement. Mix and mingle with other high flyers and achievers as you enjoy the most privilege views in Singapore. A superb wine cellar and select cigar room complete the ambience of total exclusivity.

Live the High Life

The incredible beauty of the views that you will enjoy from you living room are matched only by the luxurious fixtures and fittings that adorn you entire apartment. Create your own unique environment within the capacious and well-planned spaces of your home. Marina Bay Residences represents the epitome of luxury living and truly reflects your accomplishments in life.

All you could possibly desire… and more

At Marina Bay Residences you will be able to wake up every morning to the glorious sight of the sun sparkling on the Bay. Enjoy a delicious cup of coffee as you relax on the balcony and savour the cool sea breezes. Every day at Marina Bay Residences is a gift to the senses and a confirmation of your good taste. For the ultimate lifestyle of luxury on Marina Bay, there is only one place to be… Marina Bay Residences.

Please email us at lushhome@gmail.com for available apartments at attractive prices.

Marina Bay office tower fully leased 3 years ahead of completion

An entire tower of the Marina Bay Financial Centre has been fully leased about three years ahead of its completion.

Developer BFC Development said it recently secured two new tenants for the remaining space in the 33-storey Tower One and its first tenant for the 50-storey Tower Two.

This follows the developer’s success in pre-leasing 24 floors in Tower One to its first tenant, Standard Chartered Bank, in April.

French corporate and investment bank Natixis, a Paris-listed company, will occupy three floors with a total area of 65,000 sq ft at Tower One.

Wellington International Management Company will take up one floor with an area of 21,000 sq ft.

Both contracts are for nine-year leases.

BFC Development’s general manager, Mr David Martin, added that BFC Development has secured a major Swiss private bank as the first tenant for Tower Two, which has 50 storeys and one million sq ft of space.

The bank will occupy 25,000 sq ft.

Mr Martin said BFC Development’s marketing team is in advanced discussions with a number of other potential tenants.

‘There is a very healthy level of interest in the building,’ said CB Richard Ellis’ executive director for office services, Mr Moray Armstrong.

‘Theoretically, there are enough tenants to complete the leasing of the buildings based on inquiries.’

Strong demand for prime office space is evident as phase one of Marina Bay Financial Centre is more than 40 per cent pre-leased, he said.

Rental rates, even at the pre-lease stage, are expected to be competitive.

Given the location and luxurious quality of the financial centre, prices are expected to be in line with – and even exceed – current market rates, said BFC Development.

Government data shows that median rents of new leases in prime office buildings have risen 13.9 per cent to $10.33 per sq ft per month in the second quarter.

The supply crunch looks set to ease only in 2010, when phase one of the 3.55ha Marina Bay Financial Centre is completed. The residential block was sold out in December.

The second phase will be completed in 2011. Its residential block will have about 250 luxurious and large three- and four-bedroom units, all with private lift lobbies.

‘Potential buyers and existing home owners in Marina Bay Residences have already expressed strong interest in the new tower, which we are targeting to launch at the end of the year,’ said Mr Martin.

Easing a supply crunch

TWO TOWERS

BFC Development has signed up two new tenants – France’s Natixis and Wellington International Management Company – that will occupy the remaining space at Tower One of Marina Bay Financial Centre.

The developer has also secured a Swiss private bank as the first tenant of the 50-storey Tower Two. The private bank will occupy a 25,000 sq ft space.

STRONG DEMAND

Marina Bay Financial Centre’s phase one is more than 40 per cent pre-leased, reflecting strong demand for prime office space, says Mr Moray Armstrong of CB Richard Ellis.

Government data shows that median rents of new leases in prime office buildings have risen 13.9 per cent to $10.33 per sq ft per month in the second quarter. The supply crunch looks set to ease only in 2010.

Source : Straits Times – 10 Aug 2007

Cheung Kong may sell stake in Marina Bay Financial Centre

Hong Kong billionaire Li Ka-shing’s Cheung Kong Holdings may sell its one third stake in Singapore’s Marina Bay Financial Centre to Suntec Real Estate Investment Trust (Reit) when the complex is completed in 2010.

The stake is likely to be worth “more than US$1 billion ($1.5 billion)”, Mr Justin Chiu, executive director of Cheung Kong said. The company is building the 24-hectare office and residential complex on a waterfront site in Singapore with Hongkong Land Holdings and Keppel Land.

“We haven’t made a decision yet,” Mr Chiu said. “But as a parent, of course you want to take care of your own children. If the price is not that far off from the next interested buyer, we will sell.”

Cheung Kong and its partners made a joint bid of US$1.8 billion in 2005 for the 3.55-hectare site, part of Singapore’s plans to create a new business district.

The new Marina Bay, which will include projects such as a botanical garden, a casino-and-convention centre and luxury apartments, is aimed at luring companies and tourists.

Suntec Reit owns offices and retail space in Singapore, including the Suntec City development. Recently, Cheung Kong said it will sell its one-third stake in One Raffles Quay, another downtown office block built with Hongkong Land and Keppel Land, to Suntec Reit, for US$941.5 million.

“The offer was good, so we sold it,” Mr Chiu said. “Suntec Reit is our long-term commitment to Singapore. We like the place.”

Cheung Kong is bidding for a site at Beach Road near Suntec City, Mr Chiu said. It is working with Keppel Land on the tender. — BLOOMBERG

Source : Today – 3 Aug 2007