Hongkong Chinese, a unit of Indonesian businessman Mochtar Riady's Lippo Group, has teamed with fund manager Argyle Street Management to buy a central Singapore plaza for S$132 million (HK$661.66 million) and redevelop it into a residential and commercial project.
Hongkong Chinese, which will pay half the cost of buying the 5,610 square metre Kim Seng Plaza, said it will fund the deal from internal resources and bank loans.
The maximum plot ratio for the project is 3.1, equivalent to a gross floor area of 17,000 square metres.
Hongkong Chinese wants 60 per cent of the development to be residential and 40 per cent commercial. The project will offer views of the Singapore River.
The Hong Kong-listed company last month bought two parcels of land on Singapore's resort island of Sentosa for S$234.7 million.
The firm later sold a 50 per cent stake in the sites, which will be developed into 150 four-storey luxury houses with a gross floor area of 287,000 square feet, to Austrian lender Raiffeisen Zentralbank Osterreich, Singapore's Oversea-Chinese Banking Corp, Singapore developers SUTL Corp and Royall Dazzle.