MCC Land (Singapore) Pte Ltd, the property unit of China Metallurgical Group Corp (MCC), is stepping up property development in Singapore, making it China’s first state-owned property company to expand overseas.
“Due to quick sales and fast capital withdrawal, Singapore will be our major venture in exploring overseas markets,” said Tan Zhiyong, Managing Director of MCC Land.
In two to three years, the firm seeks to run three to four projects every year, with annual sales surpassing 3 billion yuan (S$458 million), he said.
“With more experience in developing projects in Singapore, we plan to expand our business to Malaysia and Indonesia.”
MCC Land will primarily target local Chinese as its main customers. The Chinese comprise almost half of Singapore’s population and many of them have strong purchasing power, said Tan.
Following the October launch of its first project in Singapore, The Canopy Executive Condominium, the company intends to launch its second real estate development, One Canberra, in the future.
Located in Yishun, the 406-unit The Canopy was well-received in the market, giving the top management more confidence in accelerating the company’s business expansion plans.