S'pore land sold to consortium

S'pore land sold to consortium

SINGAPORE (Dow Jones): The Singapore government Friday sold a
large land site to a consortium of Singapore and Hong Kong-based
companies a price below market expectations, the Business Times
reported Saturday.

A 1.14 hectare site in an area earmarked as the island's new
downtown, was sold for S$462 million (about US$260 million) to a
consortium comprising Singapore's Keppel Land, Cheung Kong
Holdings and Hongkong Land, the newspaper reported.

This was lower than market expectations ranging between S$560
million and S$800 million, it added.

This is probably the second time in the recent past that the
government has awarded such a large project to Hongkong groups
after Suntec City, which is owned by Hongkong tycoons Li Ka-shing
and Run Run Shaw, the report said.

This land will kick off the government's plans for the new
downtown, billed as Singapore's next financial hub, which was
delayed by the Asian financial crisis after the site, first
tendered in November 1997, found no takers then, the report said.