CONSTRUCTION and engineering firm Tiong Seng Holdings said on Monday its subsidiary has entered into a joint venture (JV) with civil engineering firm Ocean Sky International to develop two freehold sites on Jervois Road, which have a combined area of 1,246.3 square metres with a residential-zoned gross plot ratio of 1.4.
The option to purchase the sites for S$21 million was exercised by TSky (Jervois) Pte Ltd, a newly incorporated company owned by newly incorporated Tiong Seng subsidiary, TSky Development Pte Ltd.
TSky Development is 40 per cent owned by Ocean Sky’s subsidiary Arctic Sky Investment.
Tiong Seng last traded at S$0.315, down half a cent.
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