China Metallurgical wins tender for Singapore site with S$471.62m bid

China Metallurgical Corp has won a residential and commercial site in Singapore for about HK$2.92 billion.

The mainland-backed company said subsidiary MCC Land (Singapore) had won the tender at price S$471.62 million (HK$2.92 billion).

The site, in the Potong Pasir region in central Singapore, could provide a total gross floor area of 56,523 square metres (about 608,414 square feet).

The development will comprise 700 flats, together with commercial spaces.

China Metallurgical said the acquisition would strengthen its position in the real estate market in Singapore and enhance its property portfolio, one of the group’s core businesses.

China Metallurgical is a subsidiary of Beijing-based state-owned enterprise China Metallurgical Group. Its core businesses include engineering and construction, equipment manufacturing and property development.