The Place Holdings announced the signing of a shareholders agreement with MCC Property to build a fresh new mixed-use property at 15 Enggor Street, dubbed Realty Centre.
The new condo located at Northumberland road links to Farrer Park MRT station. One can find medical centre and shopping mall just beside the project
In April 2019, The Place Holdings acquired the 12-story Realty Centre for about $148 million. The industrial building currently has a total floor space of 11,000 square metres and a plot ratio of 5.6, allowing it to be designated for industrial use. It has the potential to reach a height of 35 stories.
MCC Land will own a 30% interest in the project business that would generate the employment, as per the shareholders agreement.
If there is a change of use, the work is eligible for a bonus land ratio of between 25% and 30% under URA’s CBD incentive.
The initial project included the development of a mixed-use workspace next to the Tanah Merah MRT station.
Ji Zenghe, executive chairman of The Place Holdings, said the initiative offers a unique chance to create a world-class mixed-use development in the CBD region, using the combined expertise and skills of MCC Land and The Place Holdings.
“We remain certain of the Singapore property market’s long-term prospects and continue to see solid principles supported by policy balance, a business-friendly climate, and an effective management structure,” he says.