| To : Business Editor | For immediate release |
HONGKONG LAND TENDERS FOR PRIME SINGAPORE SITE
FOR NEW 330,000 sq. ft OFFICE DEVELOPMENT
15th August 1996 -- Hongkong Land Holdings Limited today confirmed the announcement by the Urban Development Authority of Singapore that the Company's wholly-owned subsidiary, HKL (Marina) Limited, had submitted the highest tender for a prime commercial site in Singapore. It is proposed to develop an office and retail complex on the site as a long-term investment.
The tender, of some US$210 million, was for Esplanade Mall, which had been offered for sale by the Urban Development Authority of Singapore and comprises two contiguous parcels of land.
The first parcel, of 0.88 hectares, is adjacent to Marina Square fronting Nicoll Highway in Singapore's emerging financial district. The second is an underground stratum with a total plan area of 0.92 hectares allowing the first parcel to be connected to the City Hall MRT station by an underground pedestrian boulevard.
Hongkong Land proposes to develop low rise offices totalling 30,740 sq. m. (330,000 sq. ft.) of grade A space with ancillary retail areas on the first parcel aimed at providing prime facilities for major financial institutions.
The proposed six level builidng would cost some US$150 million to construct and would take some four years to complete. The development cost would be funded from existing resources.
Managing Director of Hongkong Land, Percy Weatherall, said, "Singapore is an important location for business in Asia, especially for banking and finance. We are pleased to have submitted the highest tender and we hope the new property will provide an opportunity for Hongkong Land to develop a prime commercial building in Singapore and an essential public facility for the Marina Square area. As owner and manager of 5 million sq.ft. of commercial space in Hong Kong's Central business district, the Group is well placed to utilise its expertise in providing this new grade A office accommodation in Singapore. It will also progress Hongkong Land's strategy of pursuing property and infrastructure investments in Asia."
Hongkong Land Holdings Limited has two principal operating subsidiaries: Hongkong Land China owns and manages some 5 million sq. ft. of prime office and retail space in the heart of Hong Kong's Core Central business district. The company has recently announced an agreement to acquire a property in Hong Kong for a new 300,000 sq. ft. commercial development, and the acquisition of a small residential complex. Hongkong Land International holds the Group's investment in property developments in Vietnam and the Philippines with exploratory operations in Thailand. Hongkong Land has net assets in excess of US$7,000 million.
For further information, please contact:
| Hongkong Land Limited Michael Arnold |
Tel: (852) 2842-8330 (office) |
| Ludgate Asia Limited Martin Spurrier |
Tel: (852) 2543-5413 (office) |
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