Singapore investors to pour $1.1b in New York tower

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momatowerPrivate investors and a consortium of banks from Singapore are reportedly ready to invest a total of $1.1 billion into a stalled luxury condominium development in Manhattan, New York, the Wall Street Journal reported.

The Kwee family, one of Singapore’s wealthiest clans and biggest landlords through the ownership of property developer and hotel operator Pontiac Land, has signaled it would invest $300 million into the completion of the metal and glass tower named Tower Verre, which has been designed by renowned architect Jean Nouvel and should rise on a plot located next to Manhattan’s Museum of Modern Art.

Singapore’s United Overseas Bank, or UOB, reportedly committed to a further $800 million in construction loans.

Plans for the Tower Verre go back as far as 2007, when Houston-based developer Hines revealed designs for the building and bought the $125 million plot in downtown Manhattan.  However, the financial crisis struck and the project was put on hold. Negotiations with the Asian investors only began in 2012.

Originally, the tower should have reached a height close the Empire State Building, but had to be downsized after an assessment by the city’s building authorities.

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Reading Time: 1 minute

Private investors and a consortium of banks from Singapore are reportedly ready to invest a total of $1.1 billion into a stalled luxury condominium development in Manhattan, New York, the Wall Street Journal reported.

Reading Time: 1 minute

momatowerPrivate investors and a consortium of banks from Singapore are reportedly ready to invest a total of $1.1 billion into a stalled luxury condominium development in Manhattan, New York, the Wall Street Journal reported.

The Kwee family, one of Singapore’s wealthiest clans and biggest landlords through the ownership of property developer and hotel operator Pontiac Land, has signaled it would invest $300 million into the completion of the metal and glass tower named Tower Verre, which has been designed by renowned architect Jean Nouvel and should rise on a plot located next to Manhattan’s Museum of Modern Art.

Singapore’s United Overseas Bank, or UOB, reportedly committed to a further $800 million in construction loans.

Plans for the Tower Verre go back as far as 2007, when Houston-based developer Hines revealed designs for the building and bought the $125 million plot in downtown Manhattan.  However, the financial crisis struck and the project was put on hold. Negotiations with the Asian investors only began in 2012.

Originally, the tower should have reached a height close the Empire State Building, but had to be downsized after an assessment by the city’s building authorities.

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