CapitaLand to build Orchard Road site

CapitaLand to build Orchard Road site

SINGAPORE: Southeast Asia's largest property developer and its
Hong Kong partner have been awarded the tender to develop a prime
plot of land in Singapore's Orchard Road district, the government
said on Wednesday.

Singapore-listed CapitaLand and partner Gresward Pte. Ltd., a
unit of Sun Hung Kai Properties in Hong Kong, won the tender with
their bid of S$1.38 billion (US$825 million), the Urban
Redevelopment Authority (URA) said in a statement.

At more than double the valuation of the site, it was the
highest of eight bids submitted, the URA said when bids closed
last Thursday.

Developing the coveted 1.8 hectare site at the corner of
Orchard and Paterson roads is part of a blueprint announced
earlier this year by the government to spruce up the city-state's
prime shopping and tourist belt into one of the best retail
strips in the world.

It comes as Thailand, which opened Bangkok's $366-million Siam
Paragon mall on Friday, tries to position itself as a regional
shopping rival to Singapore and Hong Kong.

The URA said the tender allows for a commercial development
with an underground shopping mall. At least 40 percent of the
total gross floor area must be for retail, food and beverage
and/or entertainment uses, it said. -- AFP