Singapore – Mapletree Investments Pte Ltd today announced that it has awarded Penta-Ocean Construction Co Ltd the contract to design and build The HarbourFront Mall, a mega 1.5 million square feet retail, entertainment and lifestyle complex located at the HarbourFront precinct just opposite Sentosa island.

The contract, which is valued at about $250 million, is for the construction of the mall’s three-storey structure with a two-storey basement. Work is scheduled to begin in the first quarter of 2004 and targeted for completion in the third quarter of 2006.

As the nucleus of the landmark 24-hectare HarbourFront Precinct, the HarbourFront Mall will be an exciting, new generation, waterfront destination. Located on prime waterfront land near to Singapore’s popular tourist attractions of Sentosa and Mt Faber, as well as the international cruise centre, it is well positioned to offer a unique lifestyle experience to both local and international visitors.

With 1.5 million sq feet of space, The HarbourFront Mall will be the single largest retail and entertainment complex in Singapore when completed. It will boast a dynamic mix of unique retail, entertainment and lifestyle concepts, an exciting waterfront alfresco dining experience and interesting spaces for the staging of world-class activities.

Mr Hiew Yoon Khong, CEO of Mapletree said, “The award of the design and build contract is a significant milestone for us as it marks the culmination of many months of preparatory efforts. It also signifies our confidence in the substantial contributions that the project will have on the retail scene in Singapore. When completed, The HarbourFront Mall will transform the precinct into a new, vibrant retail, lifestyle and entertainment hub.”

He further added, “We are glad that we have found an able partner in Penta-Ocean who, with their expertise and capability, will now help us to realize our vision of this unique waterfront destination and bring it to life.”

Mr K Furihata, General Manager of Penta-Ocean said, “Landing this contract is a feather in the cap for Penta-Ocean. We are proud to be associated with The HarbourFront Mall, and are fully committed to building a top quality development that will become a landmark in Singapore.”

Mapletree, which has appointed CapitaLand Commercial Ltd as its retail development manager for The HarbourFront Mall, has formed an integrated team comprising its retail, project management and business professionals to work jointly with CapitaLand for the duration of this project.

Mr Hiew said, “We believe that this combination brings together two teams with complementary strengths, one in managing and developing retail assets and the other, the knowledge and experience in the development and management of assets at this HarbourFront precinct.”

Mr Liew Mun Leong, President and CEO of CapitaLand Limited said, “We are happy that CapitaLand has been appointed the retail development manager for The HarbourFront Mall. CapitaLand Group currently manages a portfolio of 33 malls in Singapore, China, Malaysia and Indonesia, of which 16 are managed by CapitaLand Commercial. Harbourfront Mall is a very prestigious waterfront development project. We are pleased to bring our local and international experience in developing and managing malls to this project.”