| To: Business Editor | 13th March 2001 For immediate release |
HONGKONG LAND HOLDINGS LIMITED
CONSORTIUM TENDERS FOR MARINA BOULEVARD SITE IN SINGAPORE
Hongkong Land is participating in a consortium of developers to tender for the Marina Boulevard site in Singapore. The site, located in the new down town area known as Marina South, is 11,366.9 m2 and it is a white site for commercial, residential and/or hotel development. The site was offered for tender by the Urban Redevelopment Authority (URA) on 21st November 2000. The tender submission period closed at 12 noon on 13th March 2001 and the URA announced the level of tenders at 5 pm on the same day through news wire services and its official website www.URA.gov.sg. The URA will announce the award of the tender in due course. Further details of the consortium tender are set out in the attached press release issued on behalf of the consortium.
For further information, please contact:
| Hongkong Land Limited | |
| Nicholas Sallnow-Smith | (852) 2842 8401 |
| Golin/Harris Forrest | |
| Adrian Overholser | (852) 2501 7937 |
This and other Group announcements can be accessed through the Internet at "www.hkland.com".
Joint Press Release by:
Keppel Land, Hongkong Land and Cheung Kong Holdings
Singapore, 13th March 2001
A consortium comprising three major regional developers announce their submission of a tender for the Marina Boulevard site. The three members of the consortium are Keppel Land Limited (Keppel Land), Hongkong Land Holdings Limited (Hongkong Land), and Cheung Kong (Holdings) Limited (Cheung Kong).
The consortium is formed through three subsidiary companies, consisting of Boulevard Development Pte Ltd of Keppel Land, Freyland Pte Ltd of Hongkong Land and Comina Investment Ltd of Cheung Kong. All three parties hold an equal share in the joint venture.
Commenting on the tender offer, Mr. Nicholas Sallnow-Smith, Chief Executive of Hongkong Land said, "All three partners are confident about the investment environment in Singapore and this new white site at Marina South offers us an opportunity to expand our investments here." Mr. Sallnow-Smith further indicated that the consortium is well equipped with local, regional and global expertise and experience in developing internationally-renowned properties which will be used to create a world-class landmark in the new Downtown of Singapore.
Mr. Justin Chiu, Executive Director of Cheung Kong, said of this joint venture, "We maintain that we are constantly seeking to increase our interests in Singapore and this region, be it through residential or commercial property development. This joint venture is an ideal opportunity to do so whilst working with some of the most experienced players in the region."
Keppel Land's managing director Mr Kevin Wong said, "We are happy to be working with our partners who have a wealth of international experience. We are confident that our partners and Keppel Land can add much value to this landmark project."
This site presents many interesting opportunities that will allow the partners to set a precedent in various aspects of property development in Singapore. The foremost is, of course, the district cooling plant that will be a first of its kind in Downtown Singapore. This alone has major design and cost implications. Then, the tunnel linking the site to Raffles Place will involve significant construction considerations. Finally, building above the MRT will add to the challenge of the undertaking. All these together within the confines of one project, will be a first for the private sector to undertake.
Under the District Cooling Act which was introduced last month, this joint venture project will have to provide infrastructural requirements for centralised air-conditioning systems to support the Marina South area. Although subsequent construction projects in Marina South will see savings in building costs, capital investment in air-conditioning equipment and operational expenditure, this first project is expected to bear the brunt of research, development and construction costs that come with a 'prototype' project. Furthermore, the requirements of providing a tunnel connecting Raffles Place and Marina South, a hub car-park for public use and building over the MRT tunnels will add substantially to its development cost.
All three partners already boast an impressive portfolio of developments that spans the globe. Each partner provides quality developments in choice locations that are on the cutting edge of the industry. This alliance capitalises on the partners' joint strength to develop a site that will showcase advances in design, construction and technology.
Note to Editors
ABOUT KEPPEL LAND LIMITED
This is the property arm of the Keppel Group, one of Singapore's largest and most diversified conglomerates. Keppel Land is one of the largest property groups listed on the Singapore Exchange, and has a diversified portfolio in eleven countries in Asia Pacific. The Company's portfolio of premier properties include office tower, residential properties, hotels, resorts, retail complexes, industrial buildings and entire townships. Keppel Land is a major landlord in the Central Business District with nine office towers featured in the city landscape. Innovation and quality are hallmarks of the Keppel tradition. The flagship residential property of Caribbean at Keppel Bay is set to redefine waterfront living in Singapore.
ABOUT HONGKONG LAND
Hongkong Land is a leading property and infrastructure investment, management and development group operating out of Hong Kong. The Company owns and manages some five million square feet of prime office and retail space in the heart of Hong Kong's Central Business District. It also has a portfolio of property and infrastructure interests in major Asian cities. Its first commercial development in Singapore-One Raffles Link, completed last year, is already fully let and the Company is actively seeking to expand its portfolio in Singapore and elsewhere in Asia.
ABOUT CHEUNG KONG (HOLDINGS) LIMITED
Cheung Kong (Holdings) Limited is a property development and strategic investment company based in Hong Kong. It is one of the largest property developers in Hong Kong having developed about one in twelve private residences in the territory. The company also owns a large portfolio of commercial, residential and industrial premises in Hong Kong, and is a major landlord of the Central District. In Singapore, Cheung Kong's property portfolio includes Costa del Sol, a prestigious East Coast marine-themed development and redevelopment of the site where Cairnhill Court is presently located. This joint venture marks the Group's second foray into commercial property development here, Suntec City being its maiden investment.
For further information, please contact:
For KEPPEL LAND LIMITED
Ms Teri Liew (Manager)
Group Corporate Communications, Keppel Corporation Limited
| Phone | : (65) 885 7427 or (65) 270 6666 |
| : Teri.Liew@Kepcorp.com |
For HONGKONG LAND HOLDINGS LIMITED
Hong Kong
Mr. Nicholas Sallnow-Smith
Chief Executive
Phone : (852) 2842 8401
Fax : (852) 2845 4042
For CHEUNG KONG (HOLDINGS) LIMITED
| Singapore | Hong Kong |
| Mr. Justin Chiu | Ms. Wendy Tong-Barnes |
| Executive Director | Chief Corporate Affairs Officer |
| Phone : (65) 297 6133 (852) 2122 2399 | Phone : (852) 2122 2062 |
| Fax : (65) 297 6233 (852) 2121 2326 | Fax : (852) 2128 8120 |
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