Boustead forms JV for China project

The Beijing Tongzhou Integrated Development is a predominantly-retail mixed-used asset.

The Board of Directors of Boustead Singapore Limited announced that the company has entered into a joint venture with a consortium of investors comprising Perennial Real Estate Holdings Pte. Ltd., Perennial China Retail Pte. Ltd., Ace Novel Developments Limited, Imagine Properties Pte Ltd, Mr Ron Sim and Mr Ronald Ooi in their personal capacities, and Mr Wong Fong Fui through his controlled entity, Bright Assets Enterprises Limited.

This is in connection with the development of a mixed-use project on three plots of land in Tongzhou District, Beijing, People’s Republic of China.

The Beijing Tongzhou Integrated Development comprises retail, office and residence components, with a total gross floor area, excluding the carpark, of approximately 402,000 square metres. It is expected to be completed in 2016.