Longcheer to acquire stake in Puteri Cove development for over $89m

Singapore-listed Longcheer Holdings Ltd has entered into a non-binding memorandum of understanding (MOU) with Pacific Star Development to acquire the latter’s 51 per cent interest in Puteri Cove Residences & Quayside for S$120-150 million ($89.1-111.4 million) in a cash-cum-shares transaction.

The other 49 per cent interest of this development project in Puteri Harbour, which is located within Iskandar Malaysia in Johor is still held by boutique developer DB2 Group.

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