The Port of Singapore Authority (PSA) and the Keppel Group (Keppel) will co-operate to develop their land at World Trade Centre and Keppel Harbour. This will optimise and enhance the development potential of their properties in creating a world-class waterfront development for Singapore.

The land to be developed consists of 32 hectares of prime waterfront land including Pulau Keppel belonging to Keppel, and 20.3 hectares of mixed-used development located at the Maritime Square which encompasses World Trade Centre (WTC), Cable Car Towers, Singapore Cruise Centre, Expo Halls and the car parks.

A Memorandum of Understanding was signed by Dr Yeo Ning Hong, Chairmanof PSA, and Mr Sim Kee Boon, Chairman of the Keppel Group. This was witnessed by Mr Khoo Teng Chye, Group President of PSA and Mr Loh Wing Siew, Managing Director of Keppel Corporation.

Dr Yeo said, “The World Trade Centre and the Singapore Cruise Centre together with the building of the MRT station create a unique opportunity for PSA to develop the site to one of the world’s greatest waterfront experiences for both business and leisure.”

“This MOU signifies PSA’s interest to work with Keppel to ensure that this development integrates and blends well with Keppel’s development,and the land is optimally developed in the national interest.”

Mr Sim pointed out, “Through integration and harmonisation, the development potential of both projects will be optimised fully. This will be mutually beneficial to both PSA and Keppel. Co-operation will not only be limited to physical integration. This is also a strategic partnership that will enable PSA and the Keppel Group to explore jointly opportunities both in Singapore as well as in the region.”

“Investors who could contribute to the success of the projects at World Trade Centre and Keppel Harbour would also be invited to participate in them.”

PSA appointed the Cox Group of Australia as the Master Planner on 1 May 1997 to draw up a comprehensive redevelopment plan for the WTC site. The appointment process was through a design competition and evaluationby a multi-organisational panel set up by PSA, comprising representatives from PSA, STPB, LTA, URA, SDC and Keppel.

This project will significantly add to PSA’s track record to create value at the harbourfront through the Cruise Centre and related maritime activities which will put PSA in good standing in its globalisation thrust.

PSA has identified Keppel Group as a joint venture developer as Keppel has the necessary expertise in property development to add value to theWTC redevelopment as well as for the possible synergy and integration between the two developments especially at the common boundaries.

The area will become a hub for maritime related business and leisure activities that will reinforce and complement Sentosa, Mt Faber and the Cruise Centre. It will be the Maritime Gateway to Singapore.

The Keppel Group has obtained outline planning approval to develop its site into a good class waterfront condominium development with marina facilities and an office park. With the natural deep harbour water, a 1,200-rnetrelong shoreline and the proposed marina facilities, the development is set to provide a new waterfront living experience.

When completed, Keppel’s project will yield a total gross floor area (GFA) of about 435,000 square rnetres. The approved GFA is higher than the original development density envisaged when the development guide plan was first conceived in 1992. This has resulted in a higher plot ratio of 1.4 for the development. Formal planning application has been submitted in July 1997.

Keppel Land, the property arm of the Keppel Group, has been appointed as development manager for the project.