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Sino's hotel bid succeeds

Sino Land
Kenneth Ko

Sino Land Co and its major shareholder, the family of Ng Teng Fong, have successfully bid S$110 million (about HK$550.59 million) for the rights to develop a hotel in Singapore.

Sino yesterday said its wholly owned subsidiary, Vasilon, owned 80 per cent of the project, and Orchard Parade, controlled by Mr Ng, controlled the remainder.

Sino said they jointly tendered for the redevelopment of Fullerton Building at Fullerton Square, and were awarded the project by the Urban Redevelopment Authority last week.

Fullerton Building has a site area of 232,115 square feet and is designated for development as a hotel with a gross floor area of about 541,214 sq ft.

Sino said the tender price was based on the estimated value of the redevelopment under the tendering guidelines provided by the authority.

It would fund the redevelopment project from internal resources and bank financing.

Sino said its 80 per cent shareholding in the project would enhance its land bank and its development portfolio geographically.

Sino and Orchard Parade are required to pay the initial $11 million by tomorrow, a further $17.32 million by October 29 and the balance of $84.97 million by December 30.

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