The Place Holdings to participate in mixed development project in Tanah Merah

The project will yield up to 265 condo units and 2,000 square metres of commercial space.

The Place Holdings has entered into a shareholders’ agreement with MCC Land and Ekovest, as part of a new mixed development project located next to Tanah Merah MRT Interchange.

Under the agreement, the joint venture company has an issued and paid-up share capital of S$4m, with The Place Holdings subscribing for a 20% equity stake. MCC Land and Ekovest will take a 51% and 29% equity stake, respectively.

MCC Land has acquired the 99-year lease land parcel for $248.99m in November 2020, after a government tender that drew 15 bids from various developers.

The project has a site area of 8,800 square metres and can potentially yield 265 condo units and 2,000 square metres 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,” The Place Holdings executive chairman Ji Zenghe said.