In Singapore, the Group’s 40 per cent owned Meadows Bright Development Pte Ltd (Meadows Bright) heads its property developments. In 2012, Meadows Bright, through its 50 per cent owned associate, Bukit Timah Green Pte ltd, successfully tendered for and was awarded a site for residential development along Dairy Farm Road. The site will be used to develop a condominium project – “Skywoods”, consisting of approximately 420 units. The project is planned for launch in August 2013 and is expected to be completed by 2016.
Another ongoing project undertaken by Meadows Bright is “The Starlight Suites”, a 35-storey block comprising 105 freehold apartments located at River Valley Close. It was officially launched in August 2010 and is scheduled to be completed by mid-2014. More than 55 per cent of the units have been sold as of May 2013.
In China, the Group’s 36.6 per cent owned Dalian Shicheng Property Development Co., Ltd which was set up in 2004, spearhead its property developments. Currently, it has a multi-phased mixed development at LuShunKou District in Dalian with a land area of approximately 240,000 squares metres. The first six phases had been launched and were warmly received and the majority of units have been sold. It has since commenced the launch of phase 7 of the development, which consists of residential as well as shop front units. Depending on the local market conditions, phase 7 will be progressively launched into the market. Two more phases, comprising of commercial areas, are left for this development.
In Thailand, the Group is also making its presence into the real estate landscape through its associate company, SI Property Co., Ltd. This company owns and operates 17,308 square metres of office and commercial building in Liberty Plaza, which is located on Soi Thonglor (Sukhumvit 55) in Bangkok.