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Kerzner submits Singapore bid

Kerzner International Ltd, one of four bidders for Singapore’s second casino-resort, plans to submit a proposal with an investment in excess of USD 1.5 billion, Chairman Sol Kerzner said.

The owner of the Atlantis casino-resort in the Bahamas, which has tied up with Singapore’s CapitaLand Ltd for the bid, yesterday named Frank O. Gehry, designer of the Guggenheim Museum in Bilbao, Spain, as the architect for the proposal, Bloomberg News reported. Kerzner said in Singapore yesterday that he expects annual returns of 12 percent on the capital investment in the first two to three years, and for a higher yield after that. “That’s in line with other developments,” he said. The Singapore proposal would include attractions not seen anywhere else, Kerzner said.