CapitaLand to build Orchard Road site<\/p>\n
SINGAPORE: Southeast Asia's largest property developer and its
\nHong Kong partner have been awarded the tender to develop a prime
\nplot of land in Singapore's Orchard Road district, the government
\nsaid on Wednesday.<\/p>\n
Singapore-listed CapitaLand and partner Gresward Pte. Ltd., a
\nunit of Sun Hung Kai Properties in Hong Kong, won the tender with
\ntheir bid of S$1.38 billion (US$825 million), the Urban
\nRedevelopment Authority (URA) said in a statement.<\/p>\n
At more than double the valuation of the site, it was the
\nhighest of eight bids submitted, the URA said when bids closed
\nlast Thursday.<\/p>\n
Developing the coveted 1.8 hectare site at the corner of
\nOrchard and Paterson roads is part of a blueprint announced
\nearlier this year by the government to spruce up the city-state's
\nprime shopping and tourist belt into one of the best retail
\nstrips in the world.<\/p>\n
It comes as Thailand, which opened Bangkok's $366-million Siam
\nParagon mall on Friday, tries to position itself as a regional
\nshopping rival to Singapore and Hong Kong.<\/p>\n
The URA said the tender allows for a commercial development
\nwith an underground shopping mall. At least 40 percent of the
\ntotal gross floor area must be for retail, food and beverage
\nand\/or entertainment uses, it said. -- AFP<\/p>",
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