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