August 22, 2008

DW to build South Beach property project in Singapore

Khaleej Times reported that Dubai World has signed an agreement partnered with Singaporean property conglomerate City Developments Limited and New York based developer Elad Group to build a AED 4.28 billion mixed use property project called ‘South Beach’ in downtown Singapore.

The project, which has elevated Singapore's position in global property development, is a residential, commercial, retail and hotel complex on Beach Road. It will be launched in March 2008 and completed by 2012.

Dubai World, in a statement, said that "The equal partnership between these 3 unique conglomerates is made more dynamic by the extensive experience and contacts each has in the hotel, real estate and retail segments. The consortium will jointly decide on the best combination and most appropriate brand and concept that would complement the overall concept and enhance the value of the project."

Mr Sultan Ahmed bin Sulayem chairman of Dubai World said that the partnership will play a crucial role in the further development of Singapore, especially in the real estate and hospitality sectors. He added that "This project would clearly reflect our strategy of making the places we operate in better environments for living and working."

Mr Leng Beng executive chairman of City Developments Limited said that the dynamic city of Singapore has attracted global investors such as Dubai World and Elad Group.

Mr Miki Naftali CEO of Elad said that "Our partnership is based on complementary strengths, rooted in an understanding of the region and driven by a passion to achieve excellence in design, a defining standard for green architecture and unparalleled luxury and service."