FSKH, a joint venture of Keong Hong, TA Corp and Hock Lian Seng Holdings has been awarded the land parcel at Mattar Road with an agreed tender price of $223 million.
Hock Lian Seng holds 45% stock of the joint venture. Keong Hong Holdings has 35% shares while TA Corp owns 20% of the joint venture company.
The Mattar Road land parcel is marked for residential development and draws as many as 10 bids from many developers, including big ones.
After the land parcel was awarded, FSKH increased its paid-up share capital from $100 to $1 million. The acquisition will be financed by through internal corporate funding and bank borrowings.
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