The Place Holdings to jointly develop a residential-commercial project in Tanah Merah

THE Place Holdings has entered into a shareholders' agreement with MCC Land (Singapore) and Ekovest Development (S) to jointly develop a 99-year lease site in Tanah Merah into a mixed residential development.

The land parcel next to Tanah Merah MRT station was acquired by MCC Land for S$248.99 million in November 2020, and can yield 265 condominium units and 2,000 square metres of commercial space.

The joint venture company has an issued and paid-up share capital of S$4 million, with The Place Holdings having subscribed for a 20 per cent stake for S$800,000. MCC Land (Singapore) owns a 51 per cent stake; and Ekovest Development (S), 29 per cent.

Ji Zenghe, executive chairman of The Place Holdings, said: "Together with our synergistic strengths, The Place Holdings will bring our expertise and experience in property and retail management, which we aim to develop into new retail destinations, catering to the under-served retail needs for the local community."

Also, the mainboard-listed company said it is an opportunity for The Place Holdings to establish a long-term, strategic and mutually beneficial relationship with the MCC Group, one of the largest engineering and construction companies in China and globally.

The investment will be funded by internal resources.

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The Place Holdings engages in cultural tourism, property development and property management, and integrated media-related businesses.

Shares in the company closed flat at S$0.033 on Thursday.