MCC Land Joins The Place Holdings In Redeveloping Realty Centre Office Bldg

SINGAPORE – The Place Holdings Ltd has signed a shareholders’ agreement with developer MCC Land, whereby the latter will take part in the redevelopment of the Realty Centre in 15 Enggor Street, according to a Singapore Exchange (SGX) filing released on Thursday night (11 March, SGT).

Under the deal, MCC Land has acquired a 30 percent stake in the firm that is undertaking Realty Centre’s redevelopment into a mixed-use project. The Place Holdings will continue to control a 51 percent interest, while the remaining stake will be owned by Sun Card Ltd.

Previously, The Place Holdings purchased the commercial property via an en bloc sale for S$148 million in April 2019. At present, the Realty Centre stands on a 11,000 sq ft land parcel with a plot ratio of 5.6 that is zoned for commercial use. While the structure has a current height of 12 storeys, the site’s maximum permissible height is 35 storeys.

“As the freehold property is located within the Anson precinct, it is entitled to bonus plot ratios of between 25 percent and 30 percent if there is a change of use under the Central Business District (CBD) Incentive Scheme,” stated the SGX filing.

Notably, this marks the 2nd real estate collaboration between The Place Holdings and MCC Land, since they entered into the strategic framework agreement last December. The 1st one was MCC Land’s mixed-use project adjacent to Tanah Merah MRT Station.

“Our freehold development at 15 Enggor Street provides a unique opportunity to conceptualise a differentiated mixed-use property in the CBD area with our combined experience and capabilities,” said The Place Holdings’ Executive Chairman Ji Zenghe.

“We are strong believers in the long-term potential of Singapore’s property market and continue to see strong fundamentals which are driven by political stability, a pro-business environment and robust legal system,” he added.

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