SINGAPORE - Automotive group Cycle & Carriage Singapore on Thursday (July 25) said it has entered the car leasing business through the formation of a new unit wholly owned by parent company and Singapore-listed Jardine Cycle & Carriage (Jardine C&C).

The new unit, Cycle & Carriage Leasing, will provide various leasing options from daily rentals to long-term car rentals of up to three years, and will also be available to private hire drivers.

In line with the move, Cycle & Carriage Leasing has also formed a fleet partnership with Gojek, as it looks towards leasing and managing car fleets for corporate clients, including key players in the ride-sharing space.

The partnership marks Cycle & Carriage's move into the mobility space by working with an on-demand ride-hailing operator, it added.

Cycle & Carriage Singapore managing director Eric Chan said car leasing is the latest development and business expansion for the group in Singapore.

"This reflects our drive to stay ahead and be competitive in the automotive industry by responding dynamically to changing market demands," he said.

Cycle & Carriage Leasing's fleet will consist mainly of brands represented by Cycle & Carriage Singapore - namely Kia Cerato, Kia Stonic, Kia Niro Hybrid as well as Mitsubishi Attrage. Other car makes meanwhile, will also be available to provide more options.

Jardine C&C shares were trading at $36.25 on Thursday, up 0.2 per cent or six cents as at 12.15pm.