MCC Land to take up 30% stake in The Place Holding’s redevelopment of Realty Centre

By Valerie Kor
/ EdgeProp Singapore |
March 12, 2021 10:30 AM SGT
Join our  Telegram  channel and follow our  Facebook  for the latest update.
SINGAPORE (EDGEPROP) - Listed company The Place Holdings announced that it has entered into a shareholders’ agreement with MCC Land to jointly develop a new freehold mixed development project at 15 Enggor Street, where Realty Centre currently stands.
The Place Holdings bought the 12-storey Realty Centre in a collective sale for $148 million in April 2019. The commercial building currently has a total site area of 11,000 sq ft and is zoned for commercial use with a plot ratio of 5.6. It can achieve a possible height of 35 stories.
Under the shareholders’ agreement, MCC Land will take up a 30% equity stake in the project company that will develop the project. The Place Holdings will continue to hold a 51% equity stake and the remaining stake of 19% will be held by Sun Card Limited.
Under URA’s CBD Incentive, the project is entitled to a bonus plot ratio of between 25% and 30% if there is a change of use.
This is the second collaboration between MCC Land and The Place Holdings. The first was the development of a mixed-use project next to Tanah Merah MRT Interchange.
Ji Zenghe, executive chairman of The Place Holdings, says that the development provides an unique opportunity to conceptualise a differentiated mixed-use property in the CBD area with the combined experience and capabilities of MCC Land and The Place Holdings.
“We are strong believers in the long-term potential of the Singapore property market and continue to see strong fundamentals which are driven by political stability, a pro-business environment and robust legal system,” he adds.
Check out the latest listings near Realty Centre, Tanah Merah MRT Interchange

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter