Major firm advises on $1.6bn winning bid

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Lend Lease makes a successful bid for a prominent building site in Singapore with advise from a major law firm.

Lend Lease Singapore was advised by Herbert Smith Freehills on the bid for a large mixed use site at Paya Lebar.

The site was won through a tender run by the Singapore Urban Redevelopment Authority. Lend Lease has a 30 percent stake in the project; the remainder will be owned through a joint venture with one of the company’s major global investment partners.

Herbert Smith Freehills partner Justin O’Farrell led the team advising on the deal, which he described as a significant development for the area.

“We are thrilled to have helped Lend Lease win another major bid in Singapore, for a development that will have a significant impact on the Paya Lebar area.  Our Australia and Asia-based team put in a huge amount of work in the run up to the bid and are delighted that that has paid off.”

The terms of Lend Lease’s joint venture with Malaysia's 1MDB Real Estate for the lifestyle quarter of the Tun Razak Exchange project were finalised in March.