trending Market Intelligence /marketintelligence/en/news-insights/trending/ljZ5e-Llk0eWA-BG4tEbOQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Kerry Properties JVs win Singapore mixed-use site with S$700M bid

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

The Market Intelligence Platform

Real Estate

Real Estate Solutions Overview


Kerry Properties JVs win Singapore mixed-use site with S$700M bid

Two 30/70 joint venture companies between Kerry Properties Ltd. and its Allgreen Properties Ltd. affiliate secured the Housing and Development Board's tender for the lease to a mixed-use development site at Pasir Ris Central in Singapore with an offer to pay nearly S$700.0 million.

Including the acquisition costs, Kerry Properties and Allgreen Properties will provide approximately S$766.4 million to Phoenix Commercial Pte. Ltd. and Phoenix Residential Pte. Ltd. for the development of the property. The Hong Kong-listed developer noted in a filing that its S$230.0 million share in the total contribution will be funded using internal cash reserves and/or external bank borrowings.

Phoenix Commercial will oversee the development of the project's commercial component, while Phoenix Residential will manage the construction of the residential portion, Kerry Properties added.

The Singapore property has a site area of 38,003.7 square meters and a 99-year leasehold term. It carries approval for a project with a maximum gross floor area of 95,010 square meters based on a 2.5 gross plot ratio. The property's development, according to Singapore's public housing board, is expected to take 96 months from the acceptance of the tender.

As of March 22, US$1 was equivalent to S$1.35.