SINGAPORE – Australian property developer and construction giant Lend Lease made waves this week when it clinched a huge mixed-use government land sales site in Paya Lebar with a bullish $1.67 billion bid, 8.8 per cent above the next highest offer of $1.54 billion
Lend Lease said it will hold a 30 per cent stake in a joint venture with a partner – reportedly the sovereign wealth fund Abu Dhabi Investment Authority – to own and develop the the Paya Lebar project.
The land parcel, which comprises two plots separated by Sims Avenue, has a potential gross floor area of 1.78 million sq ft. It is connected to the Payar Lebar MRT, and will be able to house offices, shops, and apartments.
Lend Lease is no stranger to the real estate market in Singapore, having first established a presence here back in 1973. Chief executive Steve McCann said the Paya Lebar deal is in line with the group’s aim to increase international revenue, with Singapore flagged as a key growth market.
Here is a look at some of the notable Singapore projects undertaken by Lend Lease:
The sprawling development in Jurong Gateway Road spearheads plans to turn Jurong East into Singapore’s largest suburban commercial centre.
Completed in 2013, it is home to the third largest suburban shopping mall in Singapore, which is managed by Lend Lease.
Some of the mall’s anchor tenants include Cathay Cineplex, FairPrice Xtra, Robinsons, H&M, and Courts.
Jem also has an office component which is being occupied by the Singapore Ministry of National Development, the Agri-Food & Veterinary Authority, and the Building and Construction Authority under a single long-term lease.
313@Somerset was the first project Lend Lease delivered through its integrated property business model, where it provides services from investment management, development, project management and construction, to asset and property management.
The retail mall in Orchard Road was completed in 2009, and has about 177 retailers in the likes of Zara, Uniqlo, Forever 21, and New Look.
It was also the first development along Singapore’s premium shopping belt to be awarded the Singapore Building and Construction Industry’s Green Mark Platinum Award in 2008.
The suburban retail mall in Marine Parade is one of Singapore’s oldest shopping centres.
Lend Lease, which owns some strata retail space at Parkway Parade through one of its managed funds, was in charge of the redevelopment of the mall in two phases from 2002.
Parkway Parade has more than 250 stores, including Best Denki, Giant Hypermarket, and Isetan.
Lend Lease acquired the mixed-use property in Selegie Road – formerly known as Paradiz Centre – in a joint venture in 2006.
It refurbished and rebranded the development, which later received its temporary occupancy permit in 2007.
Lend Lease sold PoMo Centre in 2011 as a result of strong market interest.
Lend Lease was appointed to oversee the campus extension, from design to construction, for global business school Insead in 2003.
The project, which comprises a new building with library and gym facilities, auditoriums and offices of a total area of 65,570 sq ft, also included the addition and alteration works to the existing flat room and amphitheatre.
It was completed in May 2005.
Lend Lease, in partnership with local developer Ascendas Land, won the build and lease for Infineon’s Asia-Pacific headquarters after a four-month bidding process in the early 2000s.
Infineon is a German semiconductor manufacturer that ranks among the top semiconductor companies globally.
The 300,000 sq ft development, located at the junction between Jalan Kolam Ayer and Kallang Way, houses Infineon’s corporate, marketing, logistics, as well as research and development functions all under one roof.
In a joint venture back in 2000, Lend Lease undertook the project to build a US$350 million chemical plant for United States-based drugmaker Pfizer.
The facility sits on a 8.8ha site in Tuas Biomedical Park.
The project had involved the construction of infrastructure such as a five-storey manufacturing building, a warehouse with dispensary, wastewater treatment plant, and a tank farm.
Singapore Airlines Hangars 4 and 5
The construction of the Singapore Airlines’ hangars, mainly for maintenance, repair and overhaul activities, was awarded to Lend Lease in October 2002.
The two hangars span 90m from column to column, and are able to accommodate the commercially successful Boeing 777-400 aircraft.
The project was completed in March 2005.
By Jacqueline Woo