Aussie firm inks $5b Marina Bay contract

AUSTRALIAN company Macquarie Global Property Advisers (MGPA) is investing $5 billion in an integrated commercial development in Marina Bay and looking for more investments in Singapore and the region.

MGPA's chief executive for Asia developments, Mr Michael Wilkinson, said at the development's signing ceremony yesterday that the company is optimistic about Singapore property.

Mr Simon Treacy, who heads the firm's Asia investments unit, agreed, saying: 'Fundamentals are great in the medium to long term.' He added that MGPA is keen to invest in Singapore's residential, retail and office sectors.

The $5 billion investment will be the private equity fund management firm's largest in South-east Asia although it has invested $4.5 billion in Singapore over the past 18 months.

'MGPA's participation is a demonstration of the growing interest from foreign real estate investors in Singapore,' said Minister of State for National Development Grace Fu at yesterday's signing ceremony for the project.

Ms Fu, the guest of honour, said the Government is committed to supplying adequate land for prime office developments. The new area at Marina Bay will provide about 2.82 million sq m of office space - more than twice the size of London's Canary Wharf, she said.

MGPA's Marina View development alone will yield about 200,000 sq m of space.

It had successfully tendered for the first 1.02ha Marina View site with a $2.02 billion bid last September.

The Australia-based firm then won the second 0.9ha site last November at a $950 million bid.
The first office building will be completed in 2011, and the second - which will boast a luxury hotel with at least 220 rooms - will be ready a year later.

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