China State Construction Engineering (SHA:601668) will form a joint venture with Malaysia's Sunway Group (KLSE:SUNWAY) to develop a residential project in Singapore's River Valley area.
The consortium, comprising unit CSCEC Property Singapore and Sunway MCL, won the bid for an 11,500-square-meter site with a total gross floor area of 40,300 square meters.
Total investment is estimated at 6.61 billion yuan, according to a Thursday bourse filing.
The JV will be owned 40% by CSCEC Property and 60% by Sunway MCL.
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