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UPDATE 1-Singapore Land Group wins $901 mln government land development contract

Reuters SG
·1-min read

(Adds details of contract in paragraphs 3-4)

July 11 (Reuters) - Singapore Land Group said on Tuesday its indirect joint venture firms won a bid to acquire and develop a piece of government land in Singapore for S$1.21 billion ($901.91 million).

The real estate company said the Housing & Development Board officially awarded the site at Tampines Avenue 11, to Topaz Residential and Topaz Commercial.

The contract entails converting the piece of government land into a mixed-use development comprising a commercial and residential development integrated with a bus interchange, a community club and a hawker center, SingLand said in a press release.

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Topaz Residential would own and hold interests in developing, marketing, selling and dealing with the residential component of the project, while Topaz Commercial would deal with the commercial use of the site.

($1 = 1.3416 Singapore dollars) (Reporting by Jaskiran Singh in Bengaluru; Editing by Shilpi Majumdar)