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.

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