Sino and Tsim Sha Tsui win bid for Singapore site

Sino Land (0083) and Tsim Sha Tsui Properties (0247) announced that their joint ventures won the tender for a commercial and residential site in Singapore with a bid price of S$1.028 billion (HK$5.95 billion).

The site is located in Jalan Anak Bukit in Singapore, with a total site area of 32,185 square meters and a total gross floor area of 96,555 square meters.

The joint venture partners agreed to pay the tender price according to their respective proportion of equity interests, for which a wholly-owned subsidiary of Sino Land - namely Jetful, who owns 20 percent interest in the ventures - is committed to paying a total of S$340 million for the tender price and the estimated costs for the development of the property.

The remaining 80 percent equity interest in the joint ventures is held by the companies, which are owned and controlled by the Ng Family, the controlling shareholder of both TST Properties and Sino Land.