Listed company The Place Holdings announced that it has entered into a shareholders’ agreement with MCC Land (developer for Provence Residence) 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.