17 May '18, 2am

Hong Kong's New World Development makes Singapore inroads with US$306.76 million deal

Hong Kong conglomerate New World Development is part of a consortium that has won the tender for a luxury residential site close to Orchard Road, Singapore’s famous shopping and entertainment strip, securing the plot for S$2,377 per square foot, a record for all government residential sites in the city. New World, which is controlled by the Cheng family, teamed up with Singapore-based SC Global Development and Hong Kong-listed Far East Consortium to outbid eight competitors for the S$410 million (US$306.76 million) deal, Singapore’s Urban Redevelopment Authority said on Thursday. “It sets a record for government residential land sales in terms of per square foot,” said Ong Teck Hui, national director for research and consultancy at JLL Singapore. Hong Kong developer New World Development to invest US$2.5b in Skycity airport retail complex The site, a prime location in Sing...

Full article: http://www.scmp.com/property/international/article/214555...

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