The Ophir Road/Rochor Road corridor is set to see new developments that will turn it into an exciting commercial node to complement Marina Bay.
Minister of State for National Development Grace Fu revealed this at the signing ceremony for the South Beach project on Tuesday.City Developments Limited, along with Istithmar and Elad Group, signed the agreement to build up the South Beach area in Beach Road. They will invest up to S$2.5 billion in the project.
It will see the former NCO Club building and some army camps at Beach Road transforming into a harmonious collection of buildings, featuring a boutique hotel, a brand name hotel and high-end residential units. There will also be space for offices.
City Developments said it was mindful of the site's heritage when designing the project.
Kwek Leng Beng, executive chairman of City Developments, said: "South Beach is strategically located in what is arguably the last historical iconic site. Mindful of its heritage, the approach we have adopted is not just to build, but to give it new life - one that is sensitive to the preservation and beauty of the conserved buildings, yet combined with modern efficiencies.
"It will be another feather in Singapore's architectural cap for its exceptional eco-design that incorporates what Mother Nature has given us - that is the sun, the wind and the rain."
Construction begins next year. The South Beach development, along with other surrounding land parcels to be developed, will complement the Marina Bay area and connect Marina Centre to Bugis.
Ms Grace Fu said: "What this project would do to the area basically is provide it a very good start. It's going to inject life as well as vibrancy into this area... (the momentum) from this project will bring exciting projects and opportunities down the road."
The South Beach project marks the first participation of two major foreign investors in a government land tender in Singapore.
Foreign real estate investment in Singapore is estimated to have reached S$8.8 billion so far this year. This is an increase of 66% over the S$5.3 billion for the whole of 2006. - CNA/ir
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