Stmt.re Marina Boulevard Site
Hong Kong Land Hldgs Ld
13 March 2001
HONGKONG LAND HOLDINGS LIMITED
CONSORTIUM TENDERS FOR MARINA BOULEVARD SITE IN SINGAPORE
Hongkong Land is participating in a consortium of developers
to tender for the Marina Boulevard site in Singapore. The
site, located in the new down town area known as Marina South,
is 11,366.9 m2 and it is a white site for commercial,
residential and/or hotel development. The site was offered
for tender by the Urban Redevelopment Authority (URA) on 21st
November 2000. The tender submission period closed at 12 noon
on 13th March 2001 and the URA announced the level of tenders
at 5 pm on the same day through news wire services and its
official website www.URA.gov.sg. The URA will announce the
award of the tender in due course. Further details of the
consortium tender are set out in the attached press release
issued on behalf of the consortium.
For further information, please contact:
Hongkong Land Limited
Nicholas Sallnow-Smith (852) 2842 8401
Matheson & Co. Limited (44) 20 7816 8135
Martin Henderson
Golin/Harris Forrest
Adrian Overholser (852) 2501 7937
Golin/Harris Ludgate (44) 20 7324 8888
Richard Hews
This and other Group announcements can be accessed through the
Internet at 'www.hkland.com'.
Joint Press Release by:
Keppel Land, Hongkong Land and Cheung Kong Holdings
______________________________________________________________
Singapore, 13th March 2001
Consortium tenders for Marina Boulevard site
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.
Latest directors dealings
- 4 hours ago ASOS
- 5 hours ago MJ Gleeson
- 5 hours ago Rolls-Royce Holdings
- 5 hours ago Crest Nicholson Holdings
- 6 hours ago Naked Wines