|
|
| |
 |
|
| |
|
|
| |
|
|
| |
| |
| :
: UAE Free Zone Newsletter - Issue 43 -
September 2007 |
| |
|
| Istithmar KOs competition in $1bn Singapore win
|
The site is located in downtown Singapore. (Getty Images) |
A consortium led by a unit of Dubai private equity firm Istithmar has won a bid to secure a 3.5-hectare downtown commercial site in Singapore, the company announced.
Istithmar Beach Road submitted a $1.11 billion offer for the Beach Road site in partnership with City Developments and ELAD Group Singapore, beating six other bidders for the plot.
Istithmar, part of state-owned conglomerate Dubai World, said plans for the development include restoration of four historic buildings, as well as the construction of two luxury hotels and commercial and residential units.
The site, which will be adjacent to the Raffles Hotel, is also set to feature two towers of 45 and 42 storeys.
The development is due to be completed in 2012.
The results of the bid were announced by Singapore's Urban Redevelopment Authority (URA), which said it awarded the consortium the contract based on the quality of the design proposals and not just because of the financial package.
“Winning the bid based on the quality of the designs rather than just the price is very rewarding for us,” said Sultan Ahmed bin Sulayem, chairman of Dubai World and Istithmar.
“Our consortium's proposals delivered not just great architecture and sympathetic restoration plans, but also took into account the environmental needs of those in the building and the wider global community.”
The group’s proposals included ‘green’ design features including slanting facades on the towers to catch winds and direct airflow to ground-level spaces, solar panels, and wastewater collection. |
| |
|
|
|
| |
|
|
| |
Courtesy ITP Digital
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
|
|
|
|
|
|
|
|
|
Hot
properties in UAE - Freehold |
|
|
| |
 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
