Lippo's Riady may build resort at Changi

Published June 21, 2007

Lippo's Riady may build resort at Changi

HG Properties was top bidder for site at Fairy Point Hill in Changi: URA

By ARTHUR SIM


LIPPO Group's Stephen Riady could be teaming up with Kechapi Pte Ltd to build a resort in Changi. Kechapi is controlled by the Chua Family who formerly held Cycle & Carriage here.

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Fairy Point Hill: Only two bids were received for the site, one from HG Properties and the other from a Sino Land-linked entity

It was announced yesterday by the Urban Redevelopment Authority (URA) that HG Properties, a company linked to Mr Riady, emerged as the top bidder for a redevelopment site for a recreation club, hotel or holiday chalet at Fairy Point Hill in Changi.

Only two bids were received, with HG Properties offering $25.5 million - $144 per square foot per plot ratio for the 449,894 sq ft site.

The other bid of $10.68 million came from a Sino Land-linked entity called Precious Treasure. Sino Land, the Hong Kong sister company of Far East Organization, owns the Fullerton Hotel here.

Mr Riady and Kechapi could not be reached for comment but it is understood that HG Properties is 40 per cent owned by Kechapi and 60 per cent owned by Haggai Institute for Advanced Leadership Training Ltd (HIALTL) in which Mr Riady is a shareholder.

It is understood that HIALTL is an executive training and evangelical institute.

The site has a permissible gross floor area of 179,337.3 sq ft and a height restriction of about three storeys.

Industry sources say that the site can support a hotel with about 300 rooms or possibly 100 chalets.

If HG Properties does get awarded the site, HIALTL's involvement could however see the site developed as a recreation club for its members or alumni.

Kechapi's experience in the hospitality sector could also be useful. Kechapi sold the Garden Hotel to City Developments Ltd in 1999 for $108 million.

Kechapi still operates the hotel but the site is slated for redevelopment.

Weekend, June 23, 2007

HG wins Fairy Point bid


HG Properties has been awarded the Fairy Point Hill site after its bid of $25.5 million was accepted by the Urban Redevelopment Authority on Friday.

Just two bids were received — the second was from Precious Treasure, which had tendered $10.68 million. Both bidders had placed bids for a lease of 45 years.

A recreation club, hotel or holiday chalet can be developed on the 41,796.6 sq m parcel of land at Changi Point, which was launched for public tender on March 28 for a 30- or 45-year lease.

The site has a permissible gross floor area of 16,661 sq m and has a maximum building height of three-storeys. It must not exceed the height of the existing former commando headquarters.

The tender for the site closed on Wednesday. — Joseph Yadao