Singapore Land's (SGX: U06) indirect joint venture company, Qin Rui Jia Realty, and China Jinmao Holdings (HKG:0817) were awarded a tender to acquire and develop a government land in Hong Kou, Shanghai, for a total consideration of about 8.96 billion yuan.
Qin Rui Jia Realty is a joint venture between SingLand subsidiary SingLand China Holdings, UOL (SGX:U14) unit UOL Capital Investments and Kheng Leong subsidiary Peak Star, with the companies holding respective stakes of 30%, 40% and 30% in the JV, according to a filing with the Singapore Exchange on Thursday.
The land parcel will be converted into a residential project. Following the award of the tender, Qin Rui Jia and China Jinmao will enter into a joint venture agreement to form a JV company on a 10:90 basis. The JV will complete the purchase and development of the site.
The land has a total area of approximately 19,319 square meters with a 70 year leasehold.
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