Subsidiary of China State Construction to Invest in Singapore Real Estate Development Project

Stock News06-24

China State Construction Engineering Corporation Limited (SH: 601668) has announced that its board of directors has approved a proposal for a cooperative residential development project in Singapore.

The company's subsidiary, China Construction Realty (Singapore) Co., Ltd., will partner with Sunway MCL Limited, a subsidiary of Malaysia's Sunway Group, to develop a residential plot in the River Valley area of Singapore.

The joint venture recently secured the land for the project and has received the official award notification.

The site is located in the prime central district of River Valley, covering a total area of approximately 11,500 square meters with a permissible gross floor area of about 40,300 square meters.

The total estimated investment for the project is approximately 6.614 billion yuan.

The partners will establish a joint venture company with equity stakes of 40% for China Construction Realty (Singapore) and 60% for Sunway MCL to execute the project.

This investment and development initiative by the company's Singapore-based unit is expected to strengthen its presence in the Singapore market and enhance its brand influence overseas.

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