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SingHaiyi Group Ltd announces joint venture for anchorvale crescent executive condominium project

Friday, 14 Mar 2014 06:47am EDT 

SingHaiyi Group Ltd:Refers to the announcement made on Feb. 19, in realtion to the company through its subsidiary Phoenix Real Estate Pte. Ltd., was awarded the land parcel at Anchorvale Crescent for development into an executive condominium residential project (Project).Says it has incorporated a company, Anchorvale Residences Pte. Ltd. (Project Company), as the approved developer for the Project.Initial paid-up capital of the project company is S$2.Says has invited Kay Lim Investment Pte. Ltd. (Kay Lim) to be its 20 pct joint venture partner in the Project Company and the Project.Kay Lim will acquire a 20 pct equity stake in the project company and the project with the company holding the balance 80 pct.The company will also be appointed as the project manager of the Project on terms to be agreed upon.Both parties will endeavour to finalise this joint venture agreement within three months from the signing of the binding term sheet. 

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