Why frenemies can work together in property projects
The reason probably lies with the capital-intensive nature of property development and investment here
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PARTNERSHIPS proliferate in the property space here. Over the past 12 months, several partnerships won land tenders, such as the tie-up of City Developments (CDL) and MCL Land, a consortium comprising a Qingjian Realty and Octava Pte Ltd joint venture, and Santarli Realty, and a tie-up comprising entities of Hong Leong Group Singapore and GuocoLand.
Perhaps it is easy for parties with common shareholders to come together to jointly develop sites or own investment properties.
Some sponsors of real estate investment trusts (Reits) partner their Reits. GuocoLand partners its major shareholder, Guoco Group, while UOL partners its subsidiary Singapore Land Group. The Ng family's privately-held Far East Organization (FEO) partners Hong Kong-listed Sino Land, in which the Ng family are major shareholders.
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