Straits Trading unit proposes to buy Chongqing retail development for 668m yuan

A SUBSIDIARY of The Straits Trading Company is proposing to acquire a retail development known as Times Midtown in Chongqing, China for approximately 668.4 million yuan (S$141.65 million).

Straits Real Estate, through its wholly owned subsidiary Chongqing Xinchuang Mall Management, on Tuesday entered into nine conditional sale-and-purchase agreements with Chongqing BBMG Dacheng Shanshui Properties to acquire the development.

The property sits on a land site of 24,652 square metres, with a land use right tenure ending in November 2050. It is part of a large mixed-use development project which comprises 29 residential buildings, four office towers, a hotel and an open-air street mall.

Chongqing BBMG Dacheng Shanshui Properties is a wholly owned subsidiary of Beijing BBMG Dacheng Development.