SINGAPORE (Dec 30): Property developer GSH Corporation announced Monday its joint venture company has been awarded a government tender for 270,818 sqm of prime land in Chongqing’s Bishan district.
Costing over RMB 500 million ($96.6 million), the site will be developed into a 1600-unit residential condominium and a 200-room five-star standard hotel.
GSH’s share of the land purchase will be funded entirely from its internal resources.
With four residential properties under development in Kuala Lumpur and Kota Kinabalu, this marks GSH’s first foray into China.
GSH owns a 51% stake in the joint venture company, GSH Properties (Chongqing) Co., through its wholly-owned subsidiary, GSH Properties (PRC).
“The government is actively encouraging foreign direct investments and has attracted large investments in areas such as new energy vehicles, intelligent manufacturing, electronics, as well as food and pharmaceuticals,” says Sam Goi, GSH’s executive chairman.
“Investing in this project gives GSH Corporation a strategic opportunity to participate in the growth of Bishan District,” adds Goi, also known as Singapore’s “Popiah King”.
“With Bishan District’s sterling reputation as a green garden city across the country, coupled with its liveability and proximity to the metropolis of Chongqing, we are expecting positive prospects for the residential and hospitality sectors in the area,” says Gilbert Ee, GSH’s chief executive officer.
Shares in GSH closed flat at 35.5 cents on Monday before the announcement.
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