Lippo seals $54m deal

Lippo China Resources has struck a deal with the Government to pay a premium of about $54 million for a development project in Village Road, Happy Valley.

The company would build a residential tower that would have a car park and shopping complex, director Jonathan Foxall said.

The Government has granted Lippo permission to build a tower with floor area of more than 40,000 square feet at the site.

Mr Foxall estimated the investment cost for the project at $200 million. He said units in the tower could be sold at more than $6,000 per square foot.

'The project will be ready in the middle of 2002.'