Reuters UK, 24 Dec 2008, Melanie Lee
"The Business Times quoted market sources as saying that El-Ad was looking to sell its stake in the South Beach project, a S$2.5 billion joint venture project between Singapore's City Developments (CTDM.SI) and Dubai World, to buoy their position in the United States. City Developments said in November the project will be deferred due to higher construction costs in Singapore and the global economic downturn."
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