JV formed for land development at Tai Thong Crescent

A City Developments Limited subsidiary has teamed up with Intrepid.

The Directors of City Developments Limited announced that CDL’s wholly-owned subsidiary Verwood Holdings Pte. Ltd. and Intrepid Investments Pte. Ltd. have entered into a memorandum of general agreement in connection with a joint tender submitted on 6 September 2012 to the Urban Redevelopment Authority of Singapore.

The tender was for a piece of land situated at Tai Thong Crescent (Parcel C) for Residential with 1st storey Commercial development at a tender price of $245 million. On 7 September 2012, URA officially awarded the Tai Thong Crescent property to the parties.

The interests of the parties in the Tai Thong Crescent property project are 60% for Verwood and 40% for Intrepid.