CapitaLand’s eyes peeled

SPECULATION that Singapore multinational property company CapitaLand could be part of a rescue effort for the Marina Bay Sands integrated resort project is being downplayed by the developer.

A company statement yesterday clarified that “no discussion has transpired between itself and Sands”. CapitaLand nevertheless stated that it is currently monitoring and studying any opportunities arising from distressed companies or assets, in Singapore and other markets.

The developer said it does not rule out any strategic investments, although acquisitions will only be made “at the right time, right price” and when target returns are fulfilled.

Just in 2006, CapitaLand formed a joint-venture with MGM Mirage to bid for the integrated resort project, but lost to Sands.

Source : Today – 11 Nov 2008

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