The Place Holdings enters into a strategic framework agreement with MCC Land

SINGAPORE: The Place Holdings Limited announced strategic framework agreement with MCC Land (Singapore) Pte. Ltd. that was established for a long term and mutually beneficial relationship in relation to potential and upcoming construction and development of residential and commercial property projects, projects management, as well as development and management of cultural tourism projects.

Since 2016, The Place Holdings has transformed its business model under the leadership of Executive Chairman, Mr Ji Zenghe and Chief Executive Officer, Mr Fan Xianyong.

Both Mr Ji and Mr Fan have been involved in high quality property development and property management businesses for more than 30 years. Their private investment holding company, The Place Investment Group ,has grown to become a multi-billion PRC conglomerate and one of their landmark buildings, THE PLACE, located in Beijing’s CBD area remains an iconic retail and entertainment destination with innovative cultural and interactive elements.

With their deep property development experience and long-standing business track record, The Place Holdings’ core business pillars include property development and property management activities as well as integrated tourism and related “new retail” businesses, among others.

MCC Land is part of the MCC Group which includes Metallurgical Corporation of China Limited, a Fortune 500 company listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange, and its subsidiaries (collectively, the “MCC Group”).

MCC Group is one of the largest comprehensive conglomerates of engineering and construction services in the People’s Republic of China (PRC) and the world.

For a start, both companies have the intentions to collaborate on The Place Holdings’ newmixed freehold development project located at 15 Enggor Street, Singapore 079716. The property project has a land size of approximately 11,000 square feet with a plot ratio of approximately 5.6 and a maximum height of 35 storeys.

As the property is located within the Anson precinct, it is entitled to bonus plot ratios of between 25% and 30% if there is a change of use under the Central Business District (CBD) Incentive Scheme initiated by the Urban Redevelopment Authority of Singapore in 2019.

Commenting on this strategic collaboration, Mr Ji Zenghe, Executive Chairman of The Place Holdings, said, “MCC Land has an established track record in developing and constructing high-quality property projects in Singapore with a growing presence in the regional markets as well.

“We are confident that their expertise will complement with our property development and management strengths and bring greater synergies to future collaborations together. Together with MCC Land, we look forward to harness new growth opportunities, broaden our earnings base, enlarge our geographical footprint and create sustained value for our stakeholders.”

The Group is backed by the key management team of The Place Investment Group, who became substantial shareholders of the Company after a share placement exercise in 2016.

The Place Investment Group is a multi-billion PRC conglomerate that has a strong track record for its extensive business portfolio in tourism, media, property management, biomedical technology investments and international trade.

Embolden with a new business approach and forward-looking corporate culture, The Place Holdings is expanding our business presence of profitable businesses with high growth potential in Singapore and China through organic and inorganic initiatives.

http://www.theplaceholdings.com

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