S'pore firms unveil big overseas investments

[SINGAPORE] Two major overseas property investments were announced by Singapore groups yesterday - one by Pontiac Land Group in New York City and the other by GIC's property arm in Jakarta.

After five decades here, Pontiac is making its maiden overseas property investment. It is part of a group developing an iconic 72-storey condominium tower next to the landmark Museum of Modern Art with a development cost of more than US$1.3 billion.

It says that it is keen on further investments in the United States and also has its eye on China and Europe - in a move seen by analysts as branching out of Singapore to escape the government's moves to cool the local property market.

Pontiac, set up in Singapore in 1961 by the Kwee family from Indonesia, is partnering Goldman Sachs Real Estate Principal Investment Area and Houston-based property group Hines, to develop a freehold project named after its location at 53 West 53rd Street, of 145 luxury residences that will be launch…