Singapore billionaire buys into New York project

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Pontiac LandOne of Singapore’s biggest landlords, the billionaire Kwee family, is expanding its portfolio by buying into a 72-storey residential tower adjacent to the Museum of Modern Art in Manhattan, New York City, the South China Morning Post reported.

Pontiac Land Group plans to invest $200 million in the project, said Michael Su, chief executive officer. Pontiac will team up with Goldman Sachs and Houston-based property firm Hines, existing partners for the development.

“We are Singapore-centric and our New York City investment is a significant step outside our comfort zone,” Su said, adding that “The US is a big market and we would like to stay. If opportunities present themselves in China and Europe, we will not rule out these markets.”

The tower in Manhattan has been planned since 2007, when Hines selected Paris-based architect Jean Nouvel. The Pritzker Architecture Prize winner is known for such wildly diverse projects as the muscular Guthrie Theatre in the US city of Minneapolis and the exotically designed Arab World Institute in Paris.

Hines and Goldman Sachs Real Estate Principal Investment Area acquired the 18,000 square feet site for $125 million from the museum in 2007, according to Pontiac Land.

The building would reach 320 meters, about the height of the Chrysler Building, on a 17,000 square feet lot on 53rd Street near Sixth Avenue, according to Hines. It would include 145 luxury condominiums, and 60,000 square feet on the second to fifth floors for the museum to expand its galleries.

The Wall Street Journal earlier reported Pontiac Land’s investment in the project and said discussions between the Kwee family and the banks began in 2012.

Privately held Pontiac Land has built hotels including the Ritz-Carlton Millenia and the Conrad Centennial in Singapore and luxury residential condominiums in the city state’s prime areas. Its portfolio of properties includes architectural icons by Pritzker Architecture Prize laureates Norman Foster, Richard Meier, Philip Johnson, John Burgee and Kevin Roche.

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Reading Time: 2 minutes

One of Singapore’s biggest landlords, the billionaire Kwee family, is expanding its portfolio by buying into a 72-storey residential tower adjacent to the Museum of Modern Art in Manhattan, New York City, the South China Morning Post reported.

Reading Time: 2 minutes

Pontiac LandOne of Singapore’s biggest landlords, the billionaire Kwee family, is expanding its portfolio by buying into a 72-storey residential tower adjacent to the Museum of Modern Art in Manhattan, New York City, the South China Morning Post reported.

Pontiac Land Group plans to invest $200 million in the project, said Michael Su, chief executive officer. Pontiac will team up with Goldman Sachs and Houston-based property firm Hines, existing partners for the development.

“We are Singapore-centric and our New York City investment is a significant step outside our comfort zone,” Su said, adding that “The US is a big market and we would like to stay. If opportunities present themselves in China and Europe, we will not rule out these markets.”

The tower in Manhattan has been planned since 2007, when Hines selected Paris-based architect Jean Nouvel. The Pritzker Architecture Prize winner is known for such wildly diverse projects as the muscular Guthrie Theatre in the US city of Minneapolis and the exotically designed Arab World Institute in Paris.

Hines and Goldman Sachs Real Estate Principal Investment Area acquired the 18,000 square feet site for $125 million from the museum in 2007, according to Pontiac Land.

The building would reach 320 meters, about the height of the Chrysler Building, on a 17,000 square feet lot on 53rd Street near Sixth Avenue, according to Hines. It would include 145 luxury condominiums, and 60,000 square feet on the second to fifth floors for the museum to expand its galleries.

The Wall Street Journal earlier reported Pontiac Land’s investment in the project and said discussions between the Kwee family and the banks began in 2012.

Privately held Pontiac Land has built hotels including the Ritz-Carlton Millenia and the Conrad Centennial in Singapore and luxury residential condominiums in the city state’s prime areas. Its portfolio of properties includes architectural icons by Pritzker Architecture Prize laureates Norman Foster, Richard Meier, Philip Johnson, John Burgee and Kevin Roche.

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