A joint venture involving Wing Tai Holdings Ltd.'s subsidiary won the tender for a residential plot at Singapore's Serangoon North Avenue 1 area after submitting a S$446.3 million bid in the process, the highest among its competitors.
According to a notice on the country's Urban Redevelopment Authority website, the joint venture — consisting of Wingjoy Investment Pte. Ltd. and Corson Pte. Ltd., a Keppel Land Ltd. unit — clinched the 99-year lease term on the 17,189.1-square-meter plot.
The site has a maximum permissible gross floor area of 42,973 square meters, on which the joint venture partners intend to construct upward of 600 homes.
As of Aug. 2, US$1 was equivalent to S$1.36.