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Lend Lease to own 30% of joint venture for Paya Lebar Central site
LEND Lease on Wednesday said it will own 30 per cent of the joint venture for a 99-year leasehold mixed-use site in Paya Lebar Central.
On Tuesday, it emerged that six bids were received for the site under Singapore's Government Land Sales programme. The top bid of S$1.67 billion or S$942.56 per square foot per plot ratio (psf ppr) came from entities linked to Australia's Lend Lease group.
Seventy per cent of the joint venture will be owned by Lend Lease's investment partner.
Said Lend Lease Group chief executive officer and managing director Steve McCann: "This is a great opportunity for continued success in the region, leveraging Lend Lease'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."