Istithmar consortium wins site in Singapore

SINGAPORE — Istithmar, the investment arm of Dubai World, yesterday announced that it was part of the winning consortium in a bid to secure a 3.5-hectare downtown commercial land site in Singapore, adjacent to the Raffles Hotel.

By A Staff Reporter

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Published: Thu 13 Sep 2007, 9:00 AM

Last updated: Sat 4 Apr 2015, 11:41 PM

Istithmar Beach Road Fze submitted a successful bid of $1.11 billion for the Beach Road site as part of a consortium including City Developments Limited and ELAD Group Singapore Pte Ltd, beating six other bidders.

The development, designed by Foster & Partners, will feature two towers of 45 and 42 storeys. Plans for development include two luxury hotels plus commercial and residential units, and it will also see the restoration of four historic buildings on the site.

The results of the bid were announced by Singapore’s Urban Redevelopment Authority (URA). The URA has adopted a two-envelope tender system to ensure that the development at the Beach Road site will meet the high standards expected for the site. The URA awarded the consortium the contract based on the quality of the design proposals, rather than the financial bid alone. The incorporation of green design features — including slanting facades on the towers to catch winds and direct airflow to ground-level spaces, solar panels and waste-water collection — was instrumental in the success of the bid.

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