Lian Beng Group said Starview Investment, the wholly-owned subsidiary of the company, has agreed with Oxley Holdings and Sunview to form joint venture company Ascendial.
Starview, Oxley and Sunview will take stakes of 51:30:19 respectively in Ascendial which was set up to develop a land parcel at Sunview Road which it had acquired at a winning bid of $76.6 million.
The land has an area of 28,173 square metres and a lease tenure of 30 years. The permissible gross plot ratio is 2.5 and is zoned for ‘clean and light’ business uses.
The group will finance its share of the cost of the acquisition by internal funds and/or bank borrowings.
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