Singapore’s Raffles Infrastructure wins bid for $800 mil. green, smart city project in Bangladesh
SINGAPORE, NNA – Singapore developer Raffles Infrastructure Holdings Ltd. has won a bid for an $800 million green, smart city project in Bangladesh in its broader efforts to seek business expansion overseas.
The company said in a statement Friday it signed a memorandum of understanding on the preliminary framework of the township development project to the west of Dhaka’s Hazrat Shahjalal International Airport with the Army Welfare Trust.
The Singapore-mainboard listed firm will undertake the design, financing, construction, marketing, operation and maintenance of the Trust Green City, which involves a 200,000 square-meter land development with more than 5,000 housing units built, the statement said.
The green city, which will be developed in phases over 10 years, is expected to alleviate a severe housing shortage in the South Asian country, according to the statement.
“Upon completion of this maiden project in Bangladesh, we aim to establish a stronger presence in the region where we are actively exploring more business opportunities,” CEO Eric Choo said in the statement.
The Singapore firm, which was established in 2007 and is primarily engaged in infrastructure investment in Asia, eyes demand for power, energy, transport, logistics and port infrastructure development in Bangladesh.
It has undertaken one railway project, with two others in the pipeline in China, in addition to bidding for one each in Bangladesh and Thailand, both in partnership with China Railway International Corp. and local governments, according to the company.