September 28, 2006, 5.32 pm (Singapore time)

CapitaLand to pay $161m for Silver Tower

SINGAPORE - CapitaLand, Southeast Asia's biggest developer, said on Thursday it would pay $161 million (US$102 million) to acquire a residential project in Singapore's prime shopping district for redevelopment.

The 38-apartment Silver Tower

The company said it would buy the 38-apartment Silver Tower located in the Orchard Road district from its existing owners.

The building will be knocked down and redeveloped into a 20-storey luxurious development with around 100 apartments.

'We plan to have the development ready for launch by end-2007,' the company said in a statement.

CapitaLand said it paid $1,107 psf per plot ratio for the development in a collective sale. -- REUTERS