Subscribe to Print Edition | Thu., December 06, 2007 Kislev 26, 5768 | | Israel Time: 02:18 (EST+7) web haaretz.com   Back to Homepage Rosner's Domain Diplomacy Defense Jewish World Opinion National Print Edition Advertising Books Arts & Leisure Business Real Estate Easy Start Travel Week's End Anglo File Hanukkah

del.icio.us Digg It!  new Tshuva signs development deal in Singapore, with Dubai partner By Michael Rochvarger and Raz Smolsky Tags: Israel Yitzhak Tshuva yesterday signed one of the more intriguing deals of his glamorous business life: the agreement to build a gigantic residential and commercial project, called South Beach, in Singapore. The energy and real estate baron's private company, the Elad Group which is named after his son, won a Singapore government contract together with two other partners. One is Istithmar, owned by Dubai World, a Dubai government investment firm. Another is the publicly traded Singapore real estate firm City Development Limited (CDL), chaired by Kwek Leng Beng, who owned part of the Plaza Hotel in Manhattan that the same Tshuva bought for $625 million and renovated at a cost of another $400 million or so. Istithmar is the firm financing the construction of the famous palm tree-shaped artificial island project off the Dubai shore. "We came from different areas of the world to the global economic hub of Singapore, to join forces with the best talents in the place and create a housing, commerce and hotel complex," said Elad president and leader Miki Naftali at the signing ceremony. "The partnership is built on complementary strengths, understanding of the area and the desire to achieve excellence in design, and to bring a new standard of 'green' architecture." Advertisement The companies from Israel, Dubai and Singapore are equal partners in the group, which expects to invest a vast $2.1 billion, of which a billion dollars is for the downtown land alone. They expect to complete construction in the year 2012. The area for the project is near the famous Raffles hotel. At least 40 percent of the 150,000-square meter project is designated for office space, and another 30 percent for commerce and hotels. Planning is being handled by one of the biggest architecture firms in the world, Foster + Partners. CDL, Singapore's leading luxury residence development firm, is active in more than 20 countries. In Singapore it owns more than 370,000-square meters worth of office, commercial and residential space. The Elad Group owns assets worth about $7 billion, including the iconic Plaza Hotel in New York. Tshuva certainly does not shy away from ambitious ventures. He and fellow Israeli business baron, Nochi Dankner, are involved in a vast project on the Strip in Las Vegas. The plan is to build the city's most splendid hotel-casino-shopping center at an investment of between $7 and $8 billion. That edifice is replacing the Pioneer Hotel, which the two ceremoniously demolished in November. Yet another epic project involving Tshuva is the building of a luxury residential complex on Wilshire Boulevard in Los Angeles, at an investment of $350 million, including the cost of the land. The project is to have 80 luxury apartments. Bookmark to del.icio.us Hostile environment Arab states reject a proposed UN environment center due to inclusion of Israel. Poverty report A study shows the number of poor asking for food has doubled in the last 5 years.

Today Online Bush to make first official visit to Israel in January to push talks Responses: 143 Zvi Bar'el: Time has come for U.S. to pursue talks with Iran Responses: 100 Rosner: Israel certain Iran is playing tricks on U.S. intelligence Responses: 80 Uzi Benziman: Settlers must back voluntary evacuation bill Responses: 69 Amira Hass: Land grab pushing garbage dumps into PA towns Responses: 75 More Headlines 02:17 Undercover IDF unit accidentally kills PA policeman in Bethlehem 01:19 Hamas: Palestinians will be freed in any Hezbollah-Israel swap 01:00 Olmert, Livni, Barak to select head of Israeli team for PA talks 22:12 Hamas calls to renew talks with Abbas amidst increased IDF attacks 01:24 Polish film recounts heroism of Poles who helped Jews in WWII 21:37 Ahmadinejad declares victory following U.S. nuclear report 02:01 EU honors Kiryat Ata school for Web-based history project 02:15 Tax board hopes benefits for green cars will spark a revolution 21:47 Palestinian Authority closes all charities in West Bank, Gaza Previous Editions Select Day 05 dec 04 dec 03 dec 02 dec 30 nov 29 nov 28 nov 27 nov 26 nov 25 nov 23 nov 22 nov

Special Offers Advertisement Invest in Macedonia New Business Heaven in Europe Long-term Israel programs MASA is your gateway. More programs. More grants. Eldan Rent a Car Israel's leading car rental company offers you a 20% discount on all online reservations Dead Sea Salt Beauty and skin care from the Dead Sea. Coupon code HAARETZ for 10% off! Junkyard Junk a car - get free towing nationwide and a tax-deductible receipt. Holiday Inn and Crown Plaza Israel Lowest internet rate Guaranteed at ichotelsgroup.com !

Home | TV | Print Edition | Diplomacy | Opinion | Arts & Leisure | Sports | Jewish World | Underground | Site rules |

© Copyright  Haaretz. All rights reserved