The Lendlease enterprise plans to build a large scale mixed urban development at Paya Lebar Central project site and will pull out $1.6 billion (S$1.67 billion) for this proposed project. This amount will possess by an unnamed major global investment partner of Lendlease.
This joint venture that will hold a 30 percent at stake was said to be the highest bidder for this site, says by the infrastructure company.
This mixed development will be funded by the combination of project level, non-recourse, debt and equity.
According to Steve McCann, a Lendlease chief executive, that the transaction itself demonstrates their collaborative approach to its investment partners to secure the key asset creation opportunities through the participation in an urban regeneration projects in cities. And that it is a great opportunity for a continued success in the region that it increases their global capabilities to develop a large urban regeneration projects around the world.
It is said that the Singapore Urban Redevelopment, which manages government land sales in Singapore, must clear the purchase of the site.
The said mixed-use project will be called the Park Place Residences. According to Lendlease, the land site will hold for about 165,000 sq m of development that includes retail, office, and residential use. This is Lendlease’s second major project only in South East Asia in only a matter of time that they just recently signed a $2.8 billion deal with the Malaysian government to manage the another upcoming mixed use site in March.