A Lend Lease joint venture will pay $S1.67 billion ($1.6 billion) for a large scale mixed-use urban regeneration development at Singapore's Paya Lebar Central project site.
The infrastructure company said today that the joint venture, in which it will hold a 30 per cent stake, was the highest bidder for the site.
The balance will be owned by the unnamed major global investment partner.
Development will be funded by a combination of non-recourse, project level debt and equity.
The purchase of the site must be cleared by the Singapore Urban Redevelopment Authority, which manages government land sales.
"This transaction demonstrates a collaborative approach between Lend Lease and its investment partners to secure key asset creation opportunities through participation in large urban regeneration projects in gateway cities,” Lend lease chief executive, Steve McCann, said.
"This is a great opportunity for continued success in the region, leveraging Lend Lease’s global capabilities to develop large scale urban regeneration projects in major cities around the world."