May 26, 2008, 5.51 pm (Singapore time)

KSH in JV to develop Mergui Rd site

Property-linked KSH Holdings Limited on Monday said it has entered a joint venture with Multi Wealth Singapore Pte Limited and LBH Pte Ltd to develop a freehold site at Mergui Road.

The 74,355 sq ft site with a plot ratio of 2.8 was bought by Mergui Develpment Pte Ltd -- a unit of KSH -- last November for $120 million.

Under the agreement, KSH will own 35 per cent stake in the JV, Multi Wealth 53 per cent and LBH 12 per cent.

Multi Wealth is a unit of Malaysian-listed IOI Properties Bhd. -- BT newsroom