SINGAPORE, Sept 11 (AFP): A consortium led by property developer City Developments Ltd (CDL) has won a 1.12 billion US dollar bid for development of two luxury hotels, office, retail and residential space on a prime location in the city-state, the company said.
The winning project, known as "South Beach", is an equal partnership between Scottsdale Properties Pte Ltd-a CDL subsidiary-Istithmar Beach Road Fze, and Elad Group Singapore Pte Ltd, CDL said in a statement late yesterday.
It said the tender price for the project on Beach Road was 1.69 billion Singapore dollars.
CDL is part of Singapore tycoon Kwek Leng Beng's Hong Leong Group, while Istithmar Group is owned by Dubai World of the United Arab Emirates, and El-Ad Group is a privately-held North American-based real estate corporation, CDL said.
"Singapore has evolved into a truly world city that is able to attract international investors, exclusive hotel and retail brands.
CDL wins bid for 'South Beach' development
FE Team | Published: September 12, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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