A 99-year leasehold site located at Yishun Avenue 3 has been awarded by the HDB to MCC Land Pte at a tender price of $127,800,000.
An executive housing project is set to be built on the 15,074.2-sq-m land plot with a 42,207.76 sq m maximum gross floor area.
The new development will be the first Singapore project by MCC Land, which is part of the China-owned enterprise Metallurgical Corporation of China (MCC Group).
Tan Zhiyong, managing director of MCC Land, said in an interview with The Business Times that the company’s proposed design for the EC site is an eco-friendly project, with more than 400 units comprising two- to four-room apartments. It is planned to launch in 2011.
He also said that “we will keep it affordable, given the buying eligibility criteria for exec condos of a maximum $10,000 monthly household income.”
MCC Group is a Fortune 500 Company listed in both Hong Kong and Shanghai. It is engaged in mining, procurement and construction, paper-making, equipment fabrication, engineering and property development.