Two Singapore-listed property groups, Wing Tai and Metro, have formed a joint venture to secure a prime development site from the Urban Redevelopment Authority for approximately S$533m (€357m).
Their respective subsidiaries, Winrich Investment and Metrobilt, tendered for the 99-year leasehold site at Dunearn Road, located within the proposed Bukit Timah Turf City precinct.
The land sited on just over 19,000sqm will be converted into a mixed-use development with commercial space and residential apartments.
Tan Hwee Bin, executive director of Wing Tai, said: “As one of the first movers, we look forward to creating a landmark development that helps define this new precinct.”
Yip Hoong Mun, group CEO and executive director of Metro, said: “This marks an opportunity for us to re-enter the Singapore residential market alongside an experienced and like-minded partner.
“We look forward to working closely with Wing Tai to deliver a development that offers enduring value and enhances the liveability of the Bukit Timah Turf City precinct over time.”
Wing Tai’s core business is in real estate, lifestyle and hospitality management. It operates across Asia Pacific, while Metro is a diversified property and retail group which focuses on four key offshore markets, including the UK and Australia.
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