Chinese developer MCC Land (developer for Provence Residence) is set to develop a mixed-use project right next to Tanah Merah MRT interchange Station, together with Singapore-listed developer The Place Holdings and Malaysian developer Ekovest Development.
Under a shareholders’ agreement, MCC Land will acquire a 51% equity stake in the project company that is developing the project, while Ekovest and The Place Holdings will take 29% and 20% respectively.
In November 2020, MCC Land won the tender for the site at Tanah Merah Kechil Link for $248.99 million, beating 14 other bids from various developers.
The 99-year leasehold site is slated for residential with commercial use on the first storey, and occupies an area of 8,880 sq m (95,580 sq ft). It can potentially yield 265 condo units and 2,000 sq m (21,530 sq ft) of commercial space.
Last December, MCC Land and The Place Holdings entered into a long-term agreement to co-develop projects. “The strategic framework agreement signed recently has set the stage for both companies to join forces together for a long-term working relationship and it is part of our strategy to maximise the returns on our property developments and diversify our income portfolio,” says Ji Zenghe, executive chairman of The Place Holdings.
Both companies have said that they are keen on redeveloping Realty Centre at 15 Enggor Street together.
In April 2019, The Place Holdings’ 51%-owned subsidiary, New Vision Holding, secured Realty Centre in an en bloc purchase for $148 million.