SINGAPORE (Nov 28): SingHaiyi Group has emerged as the winning buyer in the collective purchase for the property at How Sun Park, a freehold property with a site area of 5,104.3 sqm.

The winning bid of $81.1 million was submitted by SingHaiyi Huajiang Amber, a subsidiary of SingHaiyi, was duly accepted by the owners of the property on Tuesday.

SingHaiyi Huajiang Amber is a 50-50 joint venture between Corporate Bridge, a wholly-owned subsidiary of the company, and Huajiang Properties II, an entity controlled by Gordon and Celine Tang, controlling shareholders and directors of SingHaiyi.

SingHaiyi believes the joint venture is beneficial as it provides the company with the opportunity to acquire a land site within an established residential area and will allow the group to expand its development portfolio in Singapore.

To redevelop the site to a gross plot ratio of 1.4, SingHaiyi Huajiang Amber will pay an additional development charge of about $3 million.

The acquisition will be funded by internal resources and bank borrowings, says SingHaiyi Huajiang Amber.

Shares in SingHaiyi closed at 12 cents on Tuesday.