Will SG allow sovereign funds buy residential property?
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Dubai World to sell US, UK properties and buy in Asia
SINGAPORE - Dubai World, the investment holding firm of the Dubai government, plans to sell some of its properties in London and New York next year and raise its Asian investments, a top executive said on Tuesday.
'Currently, we are slightly too heavily weighted in the States and in Europe. We want to balance the portfolio slightly more towards Asia,' Yu Lai Boon, the group's chief investment officer, told Reuters at the sidelines of a briefing in Singapore.
Dubai World has teamed with Singapore developer City Developments and Israeli property firm Elad Group to invest in a retail and hotel complex in downtown Singapore costing up to $2.5 billion (US$1.7 billion).
Mr Yu said Asia was 'slightly more robust' in terms of withstanding the effects of the US sub-prime mortgage crisis, particularly a tightening in global credit.
The group, which has a multi-billion global portfolio that ranges from British port operator P&O to New York luxury retailer Barneys, has about US$20 billion in real estate assets around the world outside of Dubai.
Dubai World, which invests via subsidiaries Nakheel and Istithmar, also has stakes in Thai developer Raimon Land and US casino firm MGM Mirage. -- REUTERS -
You already put liao, team up.
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The project with CDL is not residential, it is commercial and hotels.Originally posted by ^tamago^:You already put liao, team up. -
So what's your stand?Originally posted by Gazelle:The project with CDL is not residential, it is commercial and hotels. -
Ophir-Rochor area slated for trendy makeover
Redevelopment will see new hotels, offices and shops; area to become an 'extension of Bugis'
Straits Times, The (Singapore)
December 5, 2007
Prime News, Pg 1
IT IS all a bit sleepy and humdrum now, but the walkways of the Ophir-Rochor zone are set for a jazzy makeover that will add trendy hotels and shops, offices and more.
Plans to rev up the hotchpotch zone - it has old colonial lanes at one end and a hot air balloon at the other - were unveiled by the Government yesterday.
The makeover already has its centrepoint and crown jewel - the eco-friendly South Beach project designed by world- renowned British architect Norman Foster and his partners.
The development includes two towers of up to 45 storeys linked to the conserved military buildings of the old Beach Road camp by an eye-catching 'environmental filter' canopy.
There will also be premium office space, two luxury hotels of up to 700 rooms, service apartments and shops on the 3.5ha site, which is being developed by a City Developments consortium.
Minister of State for National Development Grace Fu said yesterday that the landmark project 'will be a first glimpse into exciting plans ahead for the Ophir Road/ Rochor Road corridor'.
She added that the Government intends to 'build on the momentum' by developing land parcels.
The Urban Redevelopment Authority will release more details early next year, but some sites may be included in the Government Land Sales Programme due later this month.
Potential plots up for grabs include the Ophir Road/Beach Road tract in front of Parkview Square - this hosted Cirque Du Soleil in 2005 - and the site at Tan Quee Lan Street, now home to the DHL balloon.
Ms Fu added that the new district will be an 'extension of Bugis', connecting Marina Centre to Bugis and Singapore's civic district.
The landscape, rich in colonial charm, has been constantly changing in the last decade.
When Bugis Junction opened in 1995, property pundits predicted that the project would fail to draw the crowds as it was not a prime location.
But Bugis has blossomed into a trendy youth hangout, complemented by fancy dining and drinking hot spots along Seah and Purvis Streets.
The bohemian charm of independent shops that line nearby Haji Lane also keeps the area buzzing.
Property analysts welcomed the plans.
'The market needs something on the fringe of the Central Business District (CBD). Office buildings with a mix of retail and hotels will be popular,' said Mr Ku Swee Yong, director of business development and marketing at Savills Singapore.
Mr Colin Tan, head of research and consultancy at Chesterton International, agreed there was great potential in the area, but said offices would not likely command Grade A rents like in the CBD.
'Offices here will be ideally suited for small and medium-sized enterprises,' he said. But more road infrastructure such as broader lanes or expressways are needed to relieve congestion, he added.
Knight Frank's director for research and consultancy Nicholas Mak welcomed the plans to liven the area, as it 'has always been a bit sleepy', but hoped that the area's heritage and shophouses would be conserved.
Mr Mak said developers will be interested, although a 'balance of the old and new' was important in retaining the character of the district.
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Copyright, 2007, Singapore Press Holdings Limited -
Dec 5, 2007
CDL chief won over by Norman Foster's eco-friendly approach
By Jessica Cheam
IT ALL began with an inspiring speech by celebrated architect Norman Foster two years ago in Monaco.
GREEN ALL THE WAY: South Beach, designed by acclaimed architect Norman Foster, will incorporate comprehensive, cutting-edge eco-friendly features, such as an 'environmental filter' canopy that will cover the open spaces. -- PHOTO: CITY DEVELOPMENTS
City Developments (CDL) executive chairman Kwek Leng Beng was there to hear it and vowed that one day he would team up with the renowned Briton, who designed Singapore's Supreme Court.
'I was fascinated by his speech on creating eco-friendly buildings. I thought to myself that, someday, I would work with him as he has great in-depth knowledge and expertise, which complement CDL's green philosophy,' said Mr Kwek.
That dream was realised yesterday when CDL and two partners - Dubai World's Istithmar and United States-based Elad Group - signed a contract to build the landmark South Beach project.
The 3.5ha site with a gross floor area of 146,827 sq m sits on an entire block bounded by Nicoll Highway and Beach, Bras Basah and Middle roads.
Designed by Lord Foster's architectural firm, Foster & Partners, South Beach won over the authorities with a design that incorporated comprehensive, cutting-edge green features without compromising on aesthetics.
While CDL's $1.69 billion bid was not the highest, the group clinched the deal based on 'an impressive use of green technologies' and striking designs, said Minister of State for National Development Grace Fu yesterday.
South Beach will be made up of two towers, 45 and 42 storeys high, with slanting facades that will allow them to maximise ventilation and to channel air flow to ground-level spaces. A huge, wave-shaped 'environmental filter' canopy will cover the open areas that integrate the towers with the low-rise conserved buildings.
CDL, which already has several Green Mark awards under its belt, will be gunning for the highest accolade - the platinum Green Mark - with this project, said Mr Kwek.
The Green Mark scheme, launched in 2005, rates buildings for their environmental impact and performance.
South Beach will cost more than $2.5 billion to build, including the land price, and will be completed in 2012.
Construction will begin next year.
Copyright © 2007 Singapore Press Holdings. All rights reserved.