Istithmar Consortium wins bid to SECURe Prime Development Site in Singapore |
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Group to Create Revolutionary New Eco-Quarter in Downtown Singapore
12 September 2007, SINGAPORE: IstithmarIstithmar
PJSC, the investment arm of Dubai World, today announced that it was part of the winning consortium in a bid to secure a 3.5-hectare downtown commercial land site in Singapore, adjacent to the Raffles Hotel. Istithmar Beach Road Fze submitted a successful bid of US$1.11 billion for the Beach Road site as part of a consortium including City Developments Limited and ELAD Group Singapore Pte Ltd, beating six other bidders.
The development, designed by Foster & Partners, will feature two towers of 45 and 42 storeys. Plans for development include two luxury hotels plus commercial and residential units, and it will also see the restoration of four historic buildings on the site.
The results of the bid were announced by Singapore's Urban Redevelopment Authority (URA). The URA has adopted a two-envelope tender system to ensure that the development at the Beach Road site will meet the high standards expected for the site. The URA awarded the consortium the contract based on the quality of the design proposals, rather than the financial bid alone. The incorporation of cutting-edge green design features - including slanting facades on the towers to catch winds and direct airflow to ground-level spaces, solar panels and waste-water collection - was instrumental in the success of the bid, which was one of only two to make it past the initial design assessments.
Sultan Ahmed Bin Sulayem, Chairman of Dubai World and IstithmarIstithmar said:
"Winning the bid based on the quality of the designs rather than just the price is very rewarding for us. Our consortium's proposals delivered not just great architecture and sympathetic restoration plans, but also took into account the environmental needs of those in the building and the wider global community. That, combined with the strength and expertise of the consortium team, assured the URA of our ability to deliver the best possible development for the site."
The URA called the plans for the development a 'compelling and attractive scheme' that would create 'a truly distinctive development and an exemplary showcase of green architecture in Singapore'.
The development is due for completion in 2012.
-Ends-
IstithmarIstithmar and Dubai World
IstithmarIstithmar PJSC is the investment company of Dubai World. It is 100 per cent owned by Dubai World, which is in turn wholly owned by the Government of Dubai. It has an investment portfolio which includes more than 50 successful companies. The real estate business aims to acquire and manage a distinguished and diversified portfolio of properties in commercial property, hotels and resorts, the leisure sector and in retail. Existing investments include Kerzner Group, International Hotel Investments, Mandarin Oriental in New York, The Adelphi in London, Jumeirah Golf Estates, the QE2, Cape Town's V&A Waterfront and Pearl Valley Signature Golf Estate and Spa.
Dubai World is a major holding company that manages and supervises a portfolio of businesses and projects for Dubai Government and contributes to the rapid economic growth of the emirate across a wide range of strategic industry segments and projects that make Dubai a leading hub for commerce and trading.
Dubai World is a powerful growth engine with an unprecedented collection of companies including: DP World, the third largest port operator in the world, Economic Zones World, Nakheel, Drydocks& Maritime World, Limitless among others.
Some of Dubai's iconic projects, like Nakheel's The Palm Islands and The World are unique real estate concepts that bear the signature of Dubai World. The group also has extensive real estate investments in the US, the UK and South Africa, unique hospitality destinations in every corner of the world, and a growing global port footprint from China to Peru and Australia to Germany.
For further information, or photography to accompany this press release, please contact:
Four Communications Group
Ray Eglington
+971 55 985 3365 / +973 360 44 111
Ben Thomas
+971 4362 5129 / +971 50 755 9246
Istithmar
Rozana Adams
+971 4 375 9527 / +971 50 459 3326
Dubai World,
World View Communications
Sanaa Maadad
+97150 552 2610
© Press Release 2007
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