UOL, CapitaLand Offer Top Bid Of $1.2 Billion For Mixed-Use Singapore Site [Forbes]
SEKISUI HOUSE LTD S/ADR (SKHSY)
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sekisuihouse.co.jp/english/financial/index.html
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Source: Forbes
the highest bid of S$1.5 billion ($1.2 billion) for a mixed-use development site in the northeastern Singapore town of Hougang. In a joint statement, the partners said a 50/50 joint venture between UOL and CapitaLand Development will develop an 830-unit residential condominium on the 504,820-square-feet (46,900-square-meter) property in Hougang Central. CapitaLand Integrated Commercial Trust will build a 300,000 square feet commercial complex on the 99-year leasehold site and retain full ownership of the retail component, according to the emailed statement. The plot, which is right on top of the Hougang MRT station, attracted two other bidders including Sim Lian Group and a consortium comprising billionaire Thai property and beverage tycoon Charoen Sirivadhanabhakdi 's Frasers Property, Japan's Sekisui House and Singapore-based Lum Chang. Developers are seeking to replenish their landbank to tap into resilient residential demand in the city-state, one of the world's most expensi
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