The mixed-use project will sit on an 8,800 sq m site that can potentially yield 265 condos and 2,000 sq m of commercial space. Image: The Place Holdings
Under the agreement, The Place Holdings will acquire a 20% equity stake in the joint venture company. MCC Land will take a 51% equity stake, while Ekovest will acquire a 29% equity stake.
In November 2020, MCC Land acquired the 99-year leasehold site for $248.99 million after a government tender that attracted 15 bids.
The mixed-use project will sit on an 8,800 sq m site that can potentially yield 265 condos and 2,000 sq m of commercial space.
“The strategic framework agreement signed recently has set the stage for both companies to join forces together for a long-term working relationship and it is part of our strategy to maximise the returns on our property developments and diversify our income portfolio,” said Ji Zenghe, Executive Chairman of The Place Holdings.