Leveraging on the established track record of Mr Ji and Mr Fan, the Group will be entering into a consultancy contract to market and promote urban redevelopment initiatives in Jinan (济 南 ), the capital of Eastern China' s Shandong province. With a population of more than 8 million, a key focus of Jinan&rsquo s urban redevelopment initiatives is to establish state-of-the-art data centres and new technology incubation centres to boost more economic developments related to the digital economy.

The urban redevelopment project in Jinan is spearheaded by a steering committee appointed by the Jinan government and other prominent parties involved in the urban redevelopment project includes Shimao Tianjie (&ldquo 世 贸 天 阶 &rdquo ) and International Universities Innovation Alliance （ &ldquo 国 际 大 学 创 新 联 盟 &rdquo ） .

Revenue from the consultancy contract is expected to contribute positively to the Group&rsquo s financial performance for the financial year ending 31 December 2022, barring unforeseen circumstances. 

Recognising the emerging business opportunities associated with the digital economy, the Group aims to proactively pursue potential investment, collaboration and expansion projects and opportunities to boost growth and enhance shareholder value.

Mr Ji Zenghe (吉 增 和 ), Executive Chairman of The Place Holdings, said, &ldquo We are sharpening our focus on high-value, strong cash generative opportunities in areas with long-term growth trends that are aligned with the digital economy.

These strategic steps are expected to create new opportunities for our Group and we remain confident in our growth roadmap in creating long-term sustainable value for stakeholders.&rdquo

Updates of the Group&rsquo s property development projects in Singapore 

The Group currently has two property development projects in Singapore and both property projects are expected to be launched in 2022, barring unforeseen circumstances.

One of the property development projects is a freehold property, previously known as Realty Centre, which the Group acquired for S$148 million. Located at 15 Enggor Street in the CBD area, this freehold mixed development property has a land size of approximately 11,000 square feet, a plot ratio of approximately 5.6 and a maximum height of 35 storeys. As this 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.

The other property development project is a new mixed development project located right next to Tanah Merah MRT interchange. The Group has invested in a 20% equity stake in this property project, which MCC Land has acquired the 99-year lease land parcel for $248.99 million in November 2020 after a government tender that drew 15 bids from various developers. The mixed development site has a site area of 8,880 square metres and can potentially yield 265 condo units and 2,000 square metres of commercial space.