Lend Lease has landed a massive mixed-use piece of government land in Paya Lebar by bidding $1.67bn.
This was 8.8% above the next bid of $1.54bn.
Lend Lease has stated that its share of the project will be 30%. It holds this share with a partner who has been reported to be Abu Dhabi Investment Authority, a wealth fund.
The land is made up of two plots on either side of Sims Avenue. It offers a potential gross floor area of around 1.78 million square feet is connected to the Paya Lebar MRT and has the capacity to house apartments, stores and offices.
Lend Lease already has a presence in Singapore, which was established during 1973. This particular deal is in line with the company’s aim to increase its international revenue and it has flagged Singapore as an important growth market.
The company has undertaken several projects in Singapore, including:
Singapore Airlines hangars 4 and 5
Lend Lease was awarded the contract to construct the Singapore Airlines hangars, which are used mainly for overhaul, repair and maintenance purposes. The two hangars cover around 90m fr om column to column and are able to house the Boeing 777-400 aircraft.
This project was completed during March 2005.
Lend Lease accepted a project in a joint venture to construct a chemical plant for the US-based drug company, Pfizer. The project, valued at US$350m, involved construction of a warehouse with dispensary, tank farm, wastewater treatment plant and a manufacturing building.
In partnership with Ascendas Land, the contract to build and lease the Infineon was obtained during the early 2000s. The building is located at the junction of Kallang Way and Jalan Kolam Ayer and houses the corporate, logistics, marketing and research departments of Infineon, a German semiconductor manufacturer.
Insead, a global business school, appointed Lend Lease to manage the extension of the campus during 2003.
The project included a new building, housing a gym and library, offices and auditoriums. It also included alteration and addition projects in the amphitheater and flat room. The project was completed during May of 2005.
This was formerly known as Paradiz Center. Lend Lease obtained the mixed-use property in a joint venture during 2006. The development was refurbished and renamed and received an occupancy permit during 2007.
Lend Lease sold the center during 2011.
Parkway Parade located in Marine Parade is one of the oldest centers in Singapore.
Lend Lease took charge of the redevelopment of the mall during 2002. It houses in excess of 250 stores, including Isetan and Giant Hypermarket.
This is the first project Lend Lease delivered via its integrated property business model, wh ere it offers all the relevant services required for the development and management of a project.
The mall is located on Orchard Road and was completed during 2009. It houses around 177 retailers, including New Look and Zara.
It was the first development to receive the Singapore Building and Construction Industry’s Green Mark Platinum Award during 2008.
This project was completed during 2013 and is Singapore’s third largest suburban shopping center, managed by Lend Lease. The anchors in the mall include Courts, H&M, Robinsons, FairPrice Xtra and Cathay Cineplex.
Offices are occupied by the Building and Construction Authority, the Agri-Food & Veterinary Authority and the Singapore Ministry of National Development.