[tweet_dis]Lend Lease and and a global investment partner have paid $1.672 billion for a mixed-use urban regeneration development site in Singapore.[/tweet_dis] The joint venture was the highest bidder for Paya Lebar Central, which was offered for sale under the Government Land Sales program.
Lend Lease will own 30 per cent of the joint venture, with the balance owned by its investment partner.
The site has capacity for approximately 165,000 sqm of development including office, retail and residential/serviced apartment use. The site has direct connections to the Paya Lebar Mass Rapid Transit (MRT) Interchange that serves both the Circle and East-West lines.
The development will be funded by a combination of non-recourse, project level debt and equity.
The award of the site is subject to the issue of the tender acceptance letter by the Urban Redevelopment Authority, who manages the Government land sales process.
[tweet_box]"key asset creation opportunities through participation in large #urban #regeneration projects in #gatewaycities" #Lendlease [/tweet_box]Lend Lease Group CEO and Managing Director Steve McCann said it was a great opportunity for continued success in the region, leveraging the company's global capabilities to develop large scale urban regeneration projects in major cities around the world.
“It further cements Lend Lease’s position in the Singapore market and leverages its leading integrated property capabilities encompassing development, construction, investment management and asset and property management platforms," he said.
“This transaction demonstrates a collaborative approach between Lend Lease and its investment partners to secure key asset creation opportunities through participation in large urban regeneration projects in gateway cities."