Yoo Joins Multifamily Venture for $2M

SINGAPORE-A venture of Yoo Denmark, the locally-based Heeton Holdings and JPMorgan Global Special Opportunities Group are banding together to develop a luxury, 16-story apartment complex here. Yoo, which was co-founded by John Hitchcox and Philippe Starck, will have design responsibilities but not equity for the yet-unnamed project.

The property will have 28 apartments here at 74 Grange Rd., where the venture reportedly purchased land for $72.8 million. The start of construction and official launch is yet to be confirmed, but will likely be toward the end of 2008 or early 2009, according to Yoo in a statement. Officials with the company did not answer questions about the development. The property is within minutes of the city’s shopping and entertainment district, the statement said.

Yoo already is working on the development of more than 25,000 apartments valued at $10 billion, in cities such as London and Hong Kong, said the company in the statement. This is the Denmark-based firm’s first foray into Singapore. The company will create the interior design of this project, and will assist with the branding, for a reported fee of $2 million.