First Sponsor units buying land in Guangdong for about 400m yuan

Singapore

MAINBOARD-LISTED First Sponsor's wholly-owned subsidiaries have entered into a definitive conditional sale and purchase agreement (SPA) to buy a mixed use development site in China's Guangdong province, at a preliminary price of 404 million yuan (S$81.6 million).

First Sponsor will acquire the entire stake in Concord Focus Development, which owns the development site comprising three land parcels with a total site area of 36,405 square metres, the Singapore-based property developer said on Thursday. The site has a gross floor area (GFA) of about 76,570 sq m.