SINGAPORE (Oct 24): Figtree Holdings and Vibrant Group announced its jointly owned unit, Vibrant Properties, has formed a 60-40 joint venture company Master Development Jiangyin with Fengteng International Trading Jiangyin.

Master Development has acquired a 70-year leasehold mixed residential and commercial development site in the city of Jiangyin, with a total land area of 30,249 sqm, for RMB225 million ($46.3 million). With a maximum plot ratio of 3, the site will be developed into 508 units of residential apartments and 148 units of commercial units with 400 basement car park lots.

Master Development has a registered share capital of RMB20 million. As Vibrant Properties is a 60-40 joint venture between Vibrant and Figtree, the two companies will each have an effective 36% and 24% shareholding interest in Master Development respectively. Both companies also announced separately that their share of the investment cost will be funded internally.

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