Tall & Urban News

The Landmark, an upcoming 396-unit, high-rise condominium tower, is scheduled to launch sometime in the first quarter of 2020, says Darren Chew, COO of ZACD Group. The project is on the site of the former Landmark Tower on Chin Swee Road, which ZACD and its joint-venture partners purchased en bloc for US$286 million in May 2018.

ZACD’s joint-venture partners in the project are Singapore-based MCC Land, the real estate development arm of Chinese state-owned enterprise MCC Group; and SSLE Development, an investment vehicle of the Lim family-controlled construction company, Sin Soon Lee, and its property development arm, Elitist Development.

The Landmark is the first residential development project where ZACD is the majority stakeholder, says Chew.

“In the past, we were happy with a minority stake and being just an investor in a development,” he explains. ZACD has historically taken stakes ranging from five percent to 20 percent in suburban residential projects of contractors-turned-property developers, primarily Qingjian Realty as well as Capital Development and Wee Hur Holdings.

For more on this story, go to Yahoo! Finance.