Chinese JV wins $207m site for development project

SingHaiyi Group, which is controlled by mainland-born billionaire Gordon Tang, has formed a partnership with Chip Eng Seng Corp. and an affiliate of Hong Kong-listed Chuan Holdings for a joint bid for Maxwell House at a price of S$276.8 million ($207.8 million), according to a filing with the Singapore Exchange.

“As the Tanjong Pagar area is poised for rejuvenation with the upcoming planned development of the Greater Southern Waterfront precinct in the vicinity, the Property, being located at the fringe of the Tanjong Pagar planning area, is expected to benefit from the spill over effects from the rejuvenation of the area,” Chip Eng Seng said in a statement to the Singapore exchange.

The joint venture partners plan to seek approval to redevelop the 3,883-square-meter (41,796-square-foot) site into a commercial and residen