Monaco's answer to Dubai?

Source StraitsTimes

MONACO - ARCHITECTURE giants Norman Foster and Daniel Libeskind are leading the race to build Monaco's answer to Dubai, officials said on Tuesday.
The Mediterranean tax haven's ruler Prince Albert II invited bids in 2006 for a multi-billion-euro artificial peninsula the size of 20 football pitches, jutting out into the sea from below the world-famous Monte Carlo casino.

A playground for the rich and famous going back decades, the extension plans underline the tiny principality's determination not to be left in the shade by the wealthy Arab emirate of Dubai or far-eastern gaming paradise, Macao.

Dubai launched its own multi-billion dollar project to create an artificial coastline back in 2001.

The 'Palm' islands, once complete, will host luxury hotels, apartments and shopping.

Details of bids for Monaco's new cape, which would host 275,000 square metres (three million square feet) of housing and tourist facilities, as well as a flagship new public building, have been kept jealously under wraps.

Estimated at between five and 10 billion euros (10 to 22 billion Singapore dollars), the project would add 10 hectares to Monaco's territory of two square kilometres.

'It will have to look as if the extension had always been there,' said Monaco's prime minister, Jean-Paul Proust, saying it should blend in with the jagged coastline of the Riviera.

Prince Albert banned the use of underwater embankments to limit disruption to the marine habitat, and required buildings to use energy-saving technology and recycled water.

Instead the designers are expected to build on a one-kilometre platform, resting on giant blocks up to 50 metres deep.

Mr Proust said Britain's Foster and his US rival Libeskind stood out among the five shortlisted bids for their technical and environmental qualities and respect for the natural site.

But he stressed that no decision had been made and that Monaco authorities would review all bids in the light of the global economic crisis, to make sure they are financially sound.

'It (the financial crisis) won't put the project in jeopardy in the long-term, but it does mean that we need to reassess the financial propositions of each of the five candidates,' Mr Proust said.

'The competition isn't over and as of today, no-one has been eliminated.'

Among the rival bids are a joint proposal by US designer Frank Gehry and The Netherlands' Rem Koolhas, sidelined for being either 'too grandiose and a little utopian,' or just out of sync with local scenery.

Mr Foster is bidding as part of a consortium called the Monte-Carlo Development Company which also includes Italian and French construction giants Saipem and Bouygues.

Mr Libeskind's project is being championed by the Monte-Carlo Sea Land consortium, made up Japanese architect Arata Isozaki and Dutch and Belgian building groups Van Oord-Dragados and BESIX.

Prince Albert II will choose the winner from the five bidders. The result is due to be announced by February next year, with work to begin by 2011 and expected to last 10 years.