Lend Lease joins $1.6b Singapore development
Lend Lease will take a 30 percent stake in a S$1.67 billion ($1.22 billion) consortium to develop the urban regeneration development site at Paya Lebar Central in Singapore, which was offered for sale by the Urban Redevelopment Authority of Singapore under the Singapore Government Land Sales Program.
Real Capital Analytics has identified the sovereign wealth fund Abu Dhabi Investment Authority as Lend Lease’s partner, which will own the remaining 70 percent.
The site has the capacity for a 1.78 million-square-foot development of office, retail and residential space.
The project is part of the Singapore government’s decentralization strategy, in which it will provide commercial clusters outside the city center to reduce CBD congestion.