Lend Lease has settled on the purchase of the Somerset Central retail development site from the Urban Redevelopment Authority of Singapore for $S617.2 million ($A514 million).
Somerset Central is one of the last remaining major retail development opportunities along Orchard Road in Singapore.
The development will be jointly owned by Lend Lease and a Lend Lease managed, Asian wholesale fund currently being marketed to institutional investors.
The acquisition is being funded by a combination of equity and project level debt.
Work on the project is anticipated to commence in early 2007, with completion anticipated in the 2010 financial year.
By Nelson Yap
