Luxury property developer Pontiac Land has turned its sights on the high-end property market in the United States, with an investment in a swanky condominium project next to the iconic Museum of Modern Art (MoMA) in midtown Manhattan.
The Singapore developer is investing US$200 million (S$248 million) in the project, which will have a total cost of over US$1.3 billion, chief executive Michael Su told The Straits Times over the phone on Wednesday.
The 72-storey residential tower will include 145 condominium units and 36,000 square feet of new gallery space for the Museum of Modern Art.
Pontiac is teaming up with international real estate firm Hines and Goldman Sachs Real Estate Principal Investment Asia for the project.
It has also secured US$860 million of financing from DBS, Maybank, OCBC and UOB for the construction of the project, it said in a statement on Wednesday.
Construction is expected to start in the middle of next year.