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| 13 March
2001 |
| A consortium comprising three major regional
developers announce their submission of a tender for the Marina
Boulevard site. The three members of the consortium are Keppel
Land Limited (Keppel Land), Hongkong Land Holdings Limited (Hongkong
Land), and Cheung Kong (Holdings) Limited (Cheung Kong). |
|
| The consortium is formed through three subsidiary
companies, consisting of Boulevard Development Pte Ltd of Keppel
Land, Freyland Pte Ltd of Hongkong Land and Comina Investment
Ltd of Cheung Kong. All three parties hold an equal share in
the joint venture. |
|
| Commenting on the tender offer, Mr. Nicholas
Sallnow-Smith, Chief Executive of Hongkong Land said, "All three
partners are confident about the investment environment in Singapore
and this new white site at Marina South offers us an opportunity
to expand our investments here." |
|
| Mr. Sallnow-Smith further indicated that the
consortium is well equipped with local, regional and global
expertise and experience in developing internationally-renowned
properties which will be used to create a world-class landmark
in the new Downtown of Singapore. |
|
| Mr. Justin Chiu, Executive Director of Cheung
Kong, said of this joint venture, "We maintain that we are constantly
seeking to increase our interests in Singapore and this region,
be it through residential or commercial property development.
This joint venture is an ideal opportunity to do so whilst working
with some of the most experienced players in the region." |
|
| Keppel Land's managing director Mr Kevin Wong
said, "We are happy to be working with our partners who have
a wealth of international experience. We are confident that
our partners and Keppel Land can add much value to this landmark
project." |
|
| This site presents many interesting
opportunities that will allow the partners to set a precedent
in various aspects of property development in Singapore. The
foremost is, of course, the district cooling plant that will
be a first of its kind in Downtown Singapore. This alone has
major design and cost implications. Then, the tunnel linking
the site to Raffles Place will involve significant construction
considerations. Finally, building above the MRT will add to
the challenge of the undertaking. All these together within
the confines of one project, will be a first for the private
sector to undertake. |
|
| Under the District Cooling Act which
was introduced last month, this joint venture project will have
to provide infrastructural requirements for centralised air-conditioning
systems to support the Marina South area. Although subsequent
construction projects in Marina South will see savings in building
costs, capital investment in air-conditioning equipment and
operational expenditure, this first project is expected to bear
the brunt of research, development and construction costs that
come with a 'prototype' project. Furthermore, the requirements
of providing a tunnel connecting Raffles Place and Marina South,
a hub car-park for public use and building over the MRT tunnels
will add substantially to its development cost. |
|
| All three partners already boast an impressive
portfolio of developments that spans the globe. Each partner
provides quality developments in choice locations that are on
the cutting edge of the industry. This alliance capitalises
on the partners' joint strength to develop a site that will
showcase advances in design, construction and technology. |
- End -
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Note to Editors
ABOUT KEPPEL LAND LIMITED
This is the property arm of the Keppel Group, one of Singapore's
largest and most diversified conglomerates. Keppel Land is one
of the largest property groups listed on the Singapore Exchange,
and has a diversified portfolio in eleven countries in Asia
Pacific. The Company's portfolio of premier properties include
office tower, residential properties, hotels, resorts, retail
complexes, industrial buildings and entire townships. Keppel
Land is a major landlord in the Central Business District with
nine office towers featured in the city landscape. Innovation
and quality are hallmarks of the Keppel tradition. The flagship
residential property of Caribbean at Keppel Bay is set to redefine
waterfront living in Singapore. |
| |
ABOUT HONGKONG LAND
Hongkong Land is a leading property and infrastructure investment,
management and development group operating out of Hong Kong.
The Company owns and manages some five million square feet of
prime office and retail space in the heart of Hong Kong's Central
Business District. It also has a portfolio of property and infrastructure
interests in major Asian cities. Its first commercial development
in Singapore-One Raffles Link, completed last year, is already
fully let and the Company is actively seeking to expand its
portfolio in Singapore and elsewhere in Asia. |
| |
ABOUT CHEUNG KONG (HOLDINGS)
LIMITED
Cheung Kong (Holdings) Limited is a property development and
strategic investment company based in Hong Kong. It is one of
the largest property developers in Hong Kong having developed
about one in twelve private residences in the territory. The
company also owns a large portfolio of commercial, residential
and industrial premises in Hong Kong, and is a major landlord
of the Central District. In Singapore, Cheung Kong's property
portfolio includes Costa del Sol, a prestigious East Coast marine-themed
development and redevelopment of the site where Cairnhill Court
is presently located. This joint venture marks the Group's second
foray into commercial property development here, Suntec City
being its maiden investment. |
