Singapore

METRO Holdings unit Metrobilt Construction has entered a 50:50 joint venture to acquire 7 and 9 Tampines Grande, a premium Grade-A office property, the group said on Thursday night. While the purchase price was not disclosed, sources put the figure to be S$395 million. Metro's 50 per cent capital commitment for the investment is about S$45.6 million.

Metro said the investment is in the ordinary course of its property investment and development business. Through the investment, Metro aims to gain exposure to Singapore's Grade-A decentralised office market.