&bull 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

&bull Objective of the strategic framework agreement is to establish a long term and mutually beneficial business relationship between both companies

&bull Both companies intend to collaborate on The Place Holdings&rsquo new residential and commercial freehold property project at Tanjong Pagar

&bull The Place Holdings acquired the freehold property, previously known as Realty Centre, for S$148 million in April 2019

 

The Place Holdings Limited (&ldquo The Place Holdings&rdquo , the &ldquo Company&rdquo or &ldquo 天 阶 控 股 &rdquo and together with its subsidiaries, the &ldquo Group&rdquo ), is pleased to showcase the strategic framework agreement with MCC Land (Singapore) Pte. Ltd. (&ldquo MCC Land&rdquo ) 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 (吉 增 和 ) and Chief Executive Officer, Mr Fan Xianyong (樊 献 勇 ). 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 (天 阶 投 资 集 团 )， has grown to become a multi- billion PRC conglomerate and one of their landmark buildings, THE PLACE (世 贸 天 阶 商 场 ), located in Beijing&rsquo 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&rsquo core business pillars include property development and property management activities as well as integrated tourism and related &ldquo new retail&rdquo 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 &ldquo MCC Group&rdquo ). MCC Group is one of the largest comprehensive conglomerates of engineering and construction services in the People&rsquo s Republic of China (&ldquo PRC&rdquo ) and the world.

 

For a start, both companies have the intentions to collaborate on The Place Holdings&rsquo new mixed 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, &ldquo 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.&rdquo