Sydney, June 25, 2010 (ABN Newswire) - Australian real estate company Lend Lease Group (
ASX:LLC) has become the highest bidder among the six bidders for the Jurong Gateway Road site, a 1.9-hectare mixed-use development in the Jurong Lake district in Singapore.
Lend Lease and one of its managed funds, Asian Retail Investment Fund (ARIF), have bid S$748.9 million for the site, compared to the second highest bid of S$728.8 million by the consortium led by Singapore's CapitaLand Limited (SIN:C31).
The bid by Lend Lease and ARIF is more than twice the minimum price asked for when the tender for the site was launched two months ago. ARIF will own 75 per cent of the asset while Lend Lease will have a 25 per cent direct interest.
Lend Lease aims to grow its retail platform in Singapore through the group's integrated capabilities. It will provide development, design, project management, construction, retail property management and funds management services.
Lend Lease chief executive officer and managing director Steve McCann said the project was "an important strategic transaction for our Asian business as we continue to grow our presence in the highly sought after Singapore retail market".
ASX:LLC) has become the highest bidder among the six bidders for the Jurong Gateway Road site, a 1.9-hectare mixed-use development in the Jurong Lake district in Singapore. Lend Lease and one of its managed funds, Asian Retail Investment Fund (ARIF), have bid S$748.9 million for the site, compared to the second highest bid of S$728.8 million by the consortium led by Singapore's CapitaLand Limited (SIN:C31).
The bid by Lend Lease and ARIF is more than twice the minimum price asked for when the tender for the site was launched two months ago. ARIF will own 75 per cent of the asset while Lend Lease will have a 25 per cent direct interest.
Lend Lease aims to grow its retail platform in Singapore through the group's integrated capabilities. It will provide development, design, project management, construction, retail property management and funds management services.
Lend Lease chief executive officer and managing director Steve McCann said the project was "an important strategic transaction for our Asian business as we continue to grow our presence in the highly sought after Singapore retail market".
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