Istithmar PJSC, the investment arm of Dubai World, today announced that it was part of the winning consortium in a bid to secure a 3.5-hectare downtown commercial land site in Singapore, adjacent to the Raffles Hotel.
Istithmar Beach Road Fze submitted a successful bid of US$1.11 billion for the Beach Road site as part of a consortium including City Developments Limited and ELAD Group Singapore Pte Ltd, beating six other bidders.
The development, designed by Foster & Partners, will feature two towers of 45 and 42 storeys. Plans for development include two luxury hotels plus commercial and residential units, and it will also see the restoration of four historic buildings on the site.
The results of the bid were announced by Singapore's Urban Redevelopment Authority (URA). The URA has adopted a two-envelope tender system to ensure that the development at the Beach Road site will meet the high standards expected for the site. The URA awarded the consortium the contract based on the quality of the design proposals, rather than the financial bid alone. The incorporation of cutting-edge green design features - including slanting facades on the towers to catch winds and direct airflow to ground-level spaces, solar panels and waste-water collection was instrumental in the success of the bid, which was one of only two to make it past the initial design assessments.
Sultan Ahmed Bin Sulayem, Chairman of Dubai World and Istithmar said: "Winning the bid based on the quality of the designs rather than just the price is very rewarding for us. Our consortium's proposals delivered not just great architecture and sympathetic restoration plans, but also took into account the environmental needs of those in the building and the wider global community. That, combined with the strength and expertise of the consortium team, assured the URA of our ability to deliver the best possible development for the site."
The URA called the plans for the development a 'compelling and attractive scheme' that would create 'a truly distinctive development and an exemplary showcase of green architecture in Singapore'.
The development is due for completion in 2012.