HK developer to spend HK$1.6b on Marina Bay hotel-retail waterfront complex after winning rights to Collyer Quay site Sino Land will invest about HK$1.6 billion to develop a boutique hotel-retail waterfront complex at Marina Bay in Singapore. 'The development will complement our historical Fullerton Hotel, One Fullerton and the Fullerton Water Boathouse,' said Daryl Ng Win Kong, an executive director of Sino Land and son of chairman Robert Ng Chee Siong. The Ng family also controls Singapore's major developer, Far East Organisation. On Monday, the Urban Redevelopment Authority of Singapore awarded the development rights of the 26,700 square metre plot in Collyer Quay to Sino Land for HK$165.8 million. 'Apart from the land cost, we will further invest S$150 million (HK$755 million) to make it a boutique hotel of 120 rooms with full seaview,' Daryl Ng said. The hotel portion will account for 45 per cent of the development's gross floor area. The rest will be for retailers and restaurants. According to the Urban Redevelopment Authority, the Collyer Quay site, which covers an area of 287,398 square feet, will provide a total gross floor area of 107,640 square feet. The authority had expected Sino Land to develop the site into a hotel and lifestyle hub in the heart of the city. 'We plan to build a world class boutique hotel,' said Daryl Ng, adding that boutique hotels were a new trend among global luxury travellers. Other proposed attractions include unique floating pods, which can be used as function rooms or for retail purposes and a floating public plaza-cum-discotheque within the water space near One Fullerton. This structure will be connected to the adjacent waterfront promenade and deck via an illuminated floating glass walkway and a retractable bridge. Sino Land put in the top two bids of HK$165.8 million and HK$161.8 million out of the three bids that were shortlisted by the authority based on concept. The third bid was HK$108.3 million from Park Hotel Group - 35 per cent lower than the top bid. Marina Bay is an ambitious waterfront project comprising casinos, hotels, office and retail developments. The government, which is committed to pumping in S$2 billion to develop the project, expects it will take a few decades before the entire district is fully developed. Many developments are slated for completion by 2010, including the 3.55 hectare Business and Financial Centre, which is being developed by a consortium of Cheung Kong (Holdings), Hongkong Land Holdings and Keppel Land. Others include the Marina Bay Sands casino development and a residential project, The Sail@Marina Bay. Projects to be offered for sale by the authority include a boutique hotel site and an international passenger terminal, both at Marina South. Daryl Ng is optimistic about Singapore but he declined to say if Sino Land would further invest in the city. Marina Bay has emerged as a popular place for residents and investors. Last week, Cheung Kong, Hongkong Land and Keppel Land generated more than HK$4 billion from the sale of their jointly developed Marina Bay Residences. Some units sold at S$2,700 per square foot, the highest since the 1997 Asian crisis. All 428 flats in the development were pre-sold this week at an average of S$1,850 per square foot. The previous highest price paid since 1997-98 was Wing Tai Asia's Draycott 8 at Orchid Road, which fetched more than S$2,000 per square foot in the second half of this year.