Tuan Sing acquires initial stake in Hainan mega project for $15 mil
SINGAPORE (Sept 24): Tuan Sing Holdings has acquired an initial 7.8% stake in China’s Sanya Summer Real Estate (SSRE) – whose incumbent shareholder is Hainan Summer Property Development, a developer and then operator of two retail malls in Hainan – for RMB75 million ($15 million).
SSRE is a Hainan-based property developer with plans to develop a 57,839 sq m block of land at Yuxiu Road, which is adjacent to the Sanya High-Speed Railway Station in Hainan, by end-2021.
The land plot involves a landmark project comprising commercial, residential, hotel and retail components. Development of the project is estimated to cost RMB1.6 billion and have a gross development value of RMB5 billion.
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