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SINGAPORE'S HO BEE, MALAYSIA'S IOI WIN BID FOR SENTOSA RESIDENTIAL SITE 09-Jan-2008 13:16:00
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| SINGAPORE (Thomson Financial) - Singapore property developer Ho Bee
Investment said Wednesday it and its partner IOI Properties (Singapore) Pte
Ltd, a unit of Malaysia's IOI Corp Bhd, won the bidding for a prime
residential site on Sentosa Island in Singapore.
The partners paid 1.1 billion Singapore dollars, equivalent to 1,822
dollars per square foot per plot ratio, for the 231,676 square feet site.
A special purpose company Pinnacle (Sentosa) Pte Ltd has been
incorporated to own and develop the property into a 357-unit residential
condominium, with a maximum height of 20 storeys, Ho Bee said.
Ho Bee will hold a 35 percent stake in Pinnacle, while IOI Properties
will hold a 65 percent stake.
(1 US dollar = 1.43 Singapore dollars)
jonathan.burgos@thomson.com jb/jg
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