Chasen Holdings says it has acquired a 30% stake in Singapore-incorporated Caitong Investments.

Caitong has been awarded the US$644 million ($904 million) Hai An Township Development Phase l Project in Nantong city, Jiangsu province, China, to be executed over two years. The total development would be undertaken in three phases.

Chasen says its subsidiary Hup Lian Engineering was appointed by Caitong as the project manager for the development.

Chasen is an Investment holding company with subsidiaries providing specialist relocation solutions, facilities for packing and warehousing of machinery and equipment and other third party logistics services, technical and engineering services for the region’s manufacturing, marine and construction industries.

Phase 1 of the Hai An project consists of mainly infrastructural development including a man-made freshwater lake, wastewater treatment system, road works for the entire 164 square kilometre township as well as the construction of 4,000 public housing units.

Chasen says Hup Lian Engineering’s vast experience in the construction industry will be crucial to the effective project management of this development.

The project is expected to start in March and will have a positive impact on the financial results of the company for the current financial year.