SINGAPORE (Dec 26): Catalist-traded Pacific Star Development is buying out its joint venture partner in the Puteri Cove project in Iskandar Malaysia for $26 million as it seeks external financing for working capital and its Bangkok development.

Puteri Cove Residences and Quayside is a mixed-use property development comprising condominium units, serviced suites, SOHO and a lifestyle retail centre in Iskandar Puteri.

The transaction involves Pacific Star Development’s subsidiary Twin Prosperity Group acquiring partner’s Max Treasure's 49% stake in Twin Prosperity, the holding company of the Puteri Cove project, for $11 million and Twin Prosperity repaying a $15 million loan from Max Treasure.

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