URA To Woo Mid-East Investors At Int'l Event

Source : The Business Times, October 16, 2007

It will sell S'pore as destination for real estate investments at Cityscape Dubai

THE Urban Redevelopment Authority (URA) will sell Singapore as a destination for real estate investments to Middle East investors at Cityscape Dubai, an international property event.

Exciting times ahead: URA sold a $1.7b Beach Road site to Istithmar Group, El-Ad Group and City Developments

URA director of land administration Choy Chan Pong said that it was important for Singapore to participate in such events. As an example, Mr Choy highlighted the recent sale of a development site at Beach Road to a consortium which included Middle East-based Istithmar Group.

'URA had met with Istithmar at last year's Cityscape Dubai and presented them with the exciting investment opportunities we have in Singapore including the prominent Beach Road site,' Mr Choy said.

The site in question was sold to Istithmar Group, El-Ad Group and City Developments Ltd for $1.7 billion last month.

Mr Choy said: 'Singapore's participation in Cityscape Dubai, hence, allows us to meet with potential investors and developers face-to-face, enabling them to better understand what Singapore has to offer.'

A Singapore Pavilion has been set up at the event for the first time.

The public and private sector organisations exhibiting in the Singapore Pavilion include the URA, Singapore Tourism Board (STB), Building and Construction Authority (BCA), Marina Bay Financial Centre, Lend Lease Retail, Ong & Ong Architects and the Singapore Institute of Architects (SIA).

The URA will showcase Marina Bay, an area which has already attracted around $15 billion worth of investments from international developers including the Marina Bay Sands Integrated Resort, prime commercial developments such as One Raffles Quay, Marina Bay Financial Centre as well as high-quality residential developments.

The STB will be showcasing some of the changes and transformation to the tourism landscape, highlighting tourism zones including Orchard Road and the Southern Waterfront.

BCA will exhibit its mission to develop a quality built environment in Singapore. BCA International, a consultancy company by BCA, will also be present to provide multi-disciplinary construction related consultancy to both public and private agencies in the Middle East.

Cityscape Dubai is being held from today to Thursday.