Chuan Hup buys land in Perth to build homes, commercial space
Chuan Hup Holdings' wholly-owned subsidiary, Ventrade Maylands, has agreed to purchase a 17,256 square metre site in Maylands, Western Australia for A$16.7 million (S$19.3 million).
The seller is a private investor, Mr Christopher Damian Dodd, who owns the prime development land located 4.5 kilometres from the Perth central business district.
Ventrade Maylands will enter into a development venture with Australian-listed developer Finbar Group to carry out the re-development of the site.
Under the deal, Ventrade Maylands will contribute the land and Finbar will contribute half of the purchase price of the land as working capital and carry out the redevelopment of the site.