Lippo Group’s Stephen Riady could be teaming up with Kechapi Pte Ltd to build a resort in Changi. Kechapi is controlled by the Chua Family who formerly held Cycle & Carriage here.
It was announced yesterday by the Urban Redevelopment Authority (URA) that HG Properties, a company linked to Mr Riady, emerged as the top bidder for a redevelopment site for a recreation club, hotel or holiday chalet at Fairy Point Hill in Changi.
Only two bids were received, with HG Properties offering $25.5 million - $144 per square foot per plot ratio for the 449,894 sq ft site.
The other bid of $10.68 million came from a Sino Land-linked entity called Precious Treasure. Sino Land, the Hong Kong sister company of Far East Organization, owns the Fullerton Hotel here.
Mr Riady and Kechapi could not be reached for comment but it is understood that HG Properties is 40 per cent owned by Kechapi and 60 per cent owned by Haggai Institute for Advanced Leadership Training Ltd (HIALTL) in which Mr Riady is a shareholder.
It is understood that HIALTL is an executive training and evangelical institute.
The site has a permissible gross floor area of 179,337.3 sq ft and a height restriction of about three storeys.
Industry sources say that the site can support a hotel with about 300 rooms or possibly 100 chalets.
If HG Properties does get awarded the site, HIALTL’s involvement could however see the site developed as a recreation club for its members or alumni.
Kechapi’s experience in the hospitality sector could also be useful. Kechapi sold the Garden Hotel to City Developments Ltd in 1999 for $108 million.
Kechapi still operates the hotel but the site is slated for redevelopment.
Source: The Business Times, 21 June 2007
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment