Realty Digest: AmProp, ParkCity Property opt for JV with separate companies

A laborer walks in front of a CapitaLand logo at a construction site in Singapore. Photographer: Charles Pertwee/Getty Images

Malaysia’s investment holding firm AmProp Properties established a joint venture with Singapore-based SRIF, along with an endowment fund to buy a property unit in Singapore, valued at $289.7 million. Meanwhile, in a separate development, Malaysia-based property developer ParkCity Property is getting into a joint venture with Singapore’s CapitaLand to build a condominium in Kuala Lumpur.

AmProp sets up JV With SRIF, Endowment fund 

Malaysia’s investment holding company AmProp Properties has established a joint venture with Singapore’s SRIF, along with an unspecified endowment fund affiliated with Nanyang Technological University. This is will purchase a commercial property unit in Singapore worth $289.7 million (S$395 million), the company said in a statement.

AmProp, through its subsidiary AmProp Synergy, will acquire 40 percent stake in the JV company. The JV will purchase the property unit from T Grande Property, a real estate subsidiary of Singapore-based investment firm Golden Crest Holdings.

The property unit, located in Tampines, East region of Singapore, is a leasehold building of two blocks, eight-story premium office tower equipped with retail outlets, F&B stores, and carpark basement.

AmProp aims to complete the acquisition in the second quarter of this year. The establishment of the JV and property acquisition is aimed to expand AmProp’s business footprint to Singapore.

ParkCity Property, CapitaLand to get into JV 

Malaysia-based property developer ParkCity Property Holdings announced that it will get into a joint venture with Singapore-headquartered real estate company CapitaLand to build a premium condominium property called Park Regent in Malaysia, the company said in a statement.

The joint venture, in which both companies will hold 50 percent stake, will build the condominium property on a 2.3 hectares land, featuring around 505 unit of the two towers, located in Desa Park City, Kuala Lumpur.

Desa Park City, a signature development by ParkCity Property Holdings, boasts a housing complex, featuring wide public spaces such as lakes and parks within the complex.

The JV will start selling the units in the third quarter this year.

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