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Thread: Kwek Leng Beng wants to build 'mini-city' in Marina Bay

  1. #1
    Makelele
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    Default Kwek Leng Beng wants to build 'mini-city' in Marina Bay

    Jan 6, 2007

    Kwek Leng Beng wants to build 'mini-city' in Marina Bay

    CDL chief launches second condo in area, is keen on nearby sites
    By Fiona Chan


    PROPERTY tycoon Kwek Leng Beng has a vision for Marina Bay - he wants to build his own 'mini-city' in the new downtown.

    Mr Kwek, the executive chairman of Hong Leong Group and City Developments (CDL), yesterday launched his second residential development in the prime area.

    He is now eyeing the two office buildings next to it.

    At the soft launch of CDL's One Shenton in Shenton Way yesterday, Mr Kwek declared his interest in adjacent Shenton House and UIC Building, both down the road from One Shenton.

    'We are interested to build a mini-city here if we can,' he said.

    'I would plan it with condominiums, offices, shopping malls and hotels, so then I would have a comprehensive development.'

    He added that the new downtown presents a good opportunity for such a development because it is a 'well-planned' district.

    As a developer, Mr Kwek has one of the biggest presences in the downtown area, with 10 office buildings in Shenton Way and Raffles Place already under his belt.

    These include Hong Leong Building and The Arcade as well as CDL's flagship building, Republic Plaza.

    As well, CDL launched Marina Bay's first condo, The Sail @ Marina Bay, back in 2004.

    The 1,111-unit development, located diagonally across from One Shenton, has been one of the hottest properties in the market since its launch.

    But One Shenton is likely to be CDL's last fully residential project in the downtown area, said Mr Chia Ngiang Hong, CDL's group general manager.

    If CDL snags Shenton House and UIC Building, they are likely to be kept as office buildings, rather than being converted to condos - as in One Shenton's case.

    Mr Kwek also said that CDL will bid for the 'white site' next to One Shenton that the Government will release for sale in May. Such a site can be used for any purpose.

    CDL had previously said that it is interested in another Marina Bay site, allocated for a boutique hotel, that the Government is due to release soon.

    But despite his big plans for Marina Bay, Mr Kwek was realistic about the cost that would be involved in achieving them.

    'Today, you have a lot of fierce developers coming in. They are prepared to pay high prices,' he said.

    CDL failed in its bid last year for the Collyer Quay site close to The Arcade, which was won by rival tycoon Ng Teng Fong's Sino Land instead.

    However, Mr Kwek still stands a chance to colonise a part of Marina Bay. UIC Building was put on the market last month for $830 million, while a collective sale for Shenton House is in the works.

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  2. #2
    Makelele
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    Default Re: Kwek Leng Beng wants to build 'mini-city' in Marina Bay


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