Developers Backed By Asian Billionaires Bid For $6 Billion Singapore Project [Forbes]
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Source: Forbes
Thai billionaire Charoen Sirivadhanabhakdi 's Frasers Property and City Developments—controlled by Singaporean real estate tycoon Kwek Leng Beng —have forged an alliance with three other Asian developers to bid for the development of a central business district in the western Singapore suburb of Jurong. The group—which also includes Singapore-based property giant CapitaLand Development and Japanese developers Mitsubishi Estate and Mitsui Fudosan—emerged as the sole bidder for the development of the 6.5-hectare Jurong Lake District (JLD) when the tender closed on Tuesday. The project—which will be built on three parcels of land near the Jurong East MRT interchange and the future Jurong Lake District station—comprises 1,700 residential units, 146,000 square meters of office space and 73,000 square meters of commercial space allocated for shops, restaurants, entertainment facilities and a hotel. The government is pursuing its biggest initiative to build the biggest business distri
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