Two Singapore-listed property groups, Wing Tai and Metro, have formed a joint venture to secure a prime development site from the Urban Redevelopment Authority for approximately S$533m (鈧�357m).
Their respective subsidiaries, Winrich Investment and Metrobilt, tendered for the 99-year leasehold site at Dunearn Road, located within the proposed Bukit Timah Turf City precinct.
The land sited on just over 19,000sqm will be converted into a mixed-use development with commercial space and residential apartments.
Tan Hwee Bin, executive director of Wing Tai, said: 鈥淎s one of the first movers, we look forward to creating a landmark development that helps define this new precinct.鈥�
Yip Hoong Mun, group CEO and executive director of Metro, said: 鈥淭his marks an opportunity for us to re-enter the Singapore residential market alongside an experienced and like-minded partner.
鈥淲e look forward to working closely with Wing Tai to deliver a development that offers enduring value and enhances the liveability of the Bukit Timah Turf City precinct over time.鈥�
Wing Tai鈥檚 core business is in real estate, lifestyle and hospitality management. It operates across Asia Pacific, while Metro is a diversified property and retail group which focuses on four key offshore markets, including the UK and Australia.
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