Chip Eng Seng Corp, KSH Holdings and Heeton Holdings have paid S$487.1 million (US$386 million) for Fernvale Road parcels A and B in Sengkang, a Singapore suburb. The seller was Singapore’s Urban Redevelopment Authority.

The joint venture is developing two condominium projects with 700 units planned for each parcel. Chip Eng Seng holds a 60 percent interest in the partnership, while KSH and Heeton each hold 20 percent.

There has been an increase in residential transactions after prices moderated marginally, still creating strong demand. The number of units launched increased for the first time to 2,843 units in the second quarter 2014, 44.8 percent higher than the 1,964 units in first quarter 2014, according to