Lippo bids on S'pore condos

Lippo bids on S'pore condos

SINGAPORE: Indonesia's Lippo Group and Singapore's CaitaLand have joined forces for a joint property bid in the city-state, emerging as the top contender for a coveted condo site, a news report said on Thursday.

Their bid of nearly S$180 million (US$106 million), or S$350 per square foot of potential floor area, was higher than market expectations and 5.6 percent above the second highest offer, according to The Business Times.

The tender attracted 12 bids. Analysts attributed the strong turnout to a scarcity of 99-year leasehold suburban residential projects.

The 50-50 tie-up with Lippo envisions a 43-story condo with about 380 units, said a CaitaLand spokesman.

The project near a train station is expected to be launch- ready by the end of next year.

Thio Gim Hock, Lippo Realty executive director, stressed the group's intention to enlarge its presence on the Singapore property scene.

"The market is down now but we believe it will pick up," Thio was quoted as saying. -- DPA