Tiong Seng in JV to develop Jervois Road residential sites
CONSTRUCTION and engineering firm Tiong Seng Holdings said on Monday its subsidiary has entered into a joint venture (JV) with civil engineering firm Ocean Sky International to develop two freehold sites on Jervois Road, which have a combined area of 1,246.3 square metres with a residential-zoned gross plot ratio of 1.4.
The option to purchase the sites for S$21 million was exercised by TSky (Jervois) Pte Ltd, a newly incorporated company owned by newly incorporated Tiong Seng subsidiary, TSky Development Pte Ltd.
TSky Development is 40 per cent owned by Ocean Sky's subsidiary Arctic Sky Investment.
Tiong Seng last traded at S$0.315, down half a cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Electrolux Q1 loss nearly triples on weak demand but beats expectations
DigitalBridge-backed Vantage said to weigh Hong Kong data centres sale
Vietnam delays launch of new stock trading system
Tesla’s plan for affordable cars takes page from Detroit rivals
Meituan to debut in Riyadh as expansion beyond China quickens
Mapletree Industrial Trust to distribute S$13 million of divestment gains over next 4 quarters