SINGAPORE (Oct 16): Ocean Sky International has formed a new JV company with Progen Holdings and Seacare Property to develop the recently acquired cluster sites at Balmoral Road.

See: Ocean Sky, Tiong Seng jointly acquire Sloane Court hotel and sites at Balmoral Road for $80.5 mil

Ocean Sky says its 40% indirect joint venture (JV) company, TSky Development, has incorporated a new subsidiary company named TSky Balmoral to undertake the redevelopment.

TSky Balmoral will be 70:20:10 owned by TSky Development, Progen Industrial and Seacare.

Progen Industrial and Seacare are wholly-owned subsidiaries of Progen Holdings and private limited company Seacare Property.

Catalist-listed Progen Holdings engages in the design, supply and maintenance of air-conditioning and mechanical ventilation systems in Singapore and Malaysia.

Shares in Ocean Sky closed 3.8% lower at 10 cents on Friday.