Cheung Kong (Holdings) has teamed up with Hongkong Land and Keppel Land to exercise its option to purchase phase two of the Marina Bay Financial Centre project in Singapore for S$883.8 million (HK$4.5 billion).
The consortium acquired phase one of the project in the city's new central business district in 2005.
Phase two could develop Grade A office building and residential units with a total gross floor area of 2.08 million square feet. The details of the development will be disclosed after discussions with the Urban Redevelopment Authority.
The first phase comprises two Grade A office towers of 32 and 46 storeys, and residences and retail facilities, with 2.62 million square feet total gross floor area.
All 428 units in phase one's Marina Bay Residences were sold last year at an average price of S$2,000 (HK$10,214) per square foot, according to Michael Ng, managing director of Savills (Singapore).
The project's penthouse fetched S$3,450 per square foot, a record residential price in Singapore. The developer had said it expected to generate more than HK$4 billion from the residential project.