LEADING Singapore developers are looking at further investment opportunities in the territory after winning the development rights for the $7.7 billion Kowloon station for the new airport railway.
The consortium led by the Wing Tai Group of Singapore and other leading Singapore developers outbid major Hong Kong property firms for the first phase of the property project above the station.
Speaking after yesterday's signing ceremony for the tender, Union Charm Development consortium chairman Edmund Cheng Wai Wing said: 'Our participation as a Singapore consortium bears testimony to the confidence we have in the future of Hong Kong.' Mr Cheng, also the deputy chairman of Singapore's Wing Tai Holdings, announced details of shareholdings in the development.
Wing Tai Holdings has a 30 per cent stake in the development while the other Singapore members - Temasek Holdings, Singapore Land Group and Straits Steamship Land - hold a significant stake.
Temasek, an investment holding company set up to own and manage the Singapore Government's direct investments, has 20 per cent of the development.
Singapore Land, the oldest publicly listed property firm in Singapore, has 15 per cent and Straits Steamship Land, the property arm of the Keppel Group, has 10 per cent.