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Marina Bay Sands lifts first piece of SkyPark in the air

Posted on 2 Oct 2009 | Comments Off

The first bridge of the Marina Bay Sands SkyPark was lifted 200 metres above ground on Thursday, and put in place between two of the three 55-storey hotel towers of the integrated resort.

Being among the highest heavy lifting operations ever done in the world, it took up to 24 hours to lift each piece to the top and slide it into place – as wind conditions can affect the process.

Additional cables were used and a detailed analysis was done to minimise swinging during lifting.

Over the next three months, 13 similar steel structures will be hoisted 200 metres above the ground.

The 7,000-tonne SkyPark will be big enough to hold four A380 jumbo jets. It will also house a public observation deck, landscaped gardens, outdoor pools and restaurants.

Source : Business Times – 1 Oct 2009

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Posted in Property Market / Real Estate

Tagged Marina Bay Sands, Sky Park

From ‘fractions of condo’ to a new tack

Posted on 1 Oct 2009 | Comments Off

Primespace is now trying to sell 2 other properties by tender

A company which was marketing ’shares’ in condominium units just a few weeks back has adopted a new tack, and is now putting apartments up for tender.

Following a model similar to that of an unlisted property trust, Primespace Investments Pte Ltd initially promoted ‘fractional ownership’ in two studio apartments, one at One-North Residences and another at One Shenton.

As BT reported on Monday, the apartments would be bought and held by other private limited companies, and investors would pay for shares in those vehicles. This is an unusual way of selling residential property in Singapore.

Each of the vehicles’ share capital would be split into 15 lots. A lot in the company holding the One-North unit would cost US$62,000; a lot in that which owns the One Shenton unit would cost US$110,000.

Primespace has since revamped its website, which is no longer marketing ‘fractional ownership’ in condominium units. It is now trying to sell two other apartments through tender. This is again an uncommon sale method. Continue reading →