Lippo seals $54m deal

PUBLISHED : Friday, 09 July, 1999, 12:00am
UPDATED : Friday, 09 July, 1999, 12:00am
 

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.'

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