01:24 AM EST, 12/23/2021 (MT Newswires) -- Chuan Hup Holdings' (SGX:C33) Australian unit Ventrade Australia has formed a joint venture company with BHHP15 to acquire and develop a development land site in Surfers Paradise, Queensland, Australia.
Named SG15, the joint venture company will acquire a 964 square meter land site located at 3 Vista Street Surfers Paradise, for about AU$7.6 million ($5.5 million), excluding government taxes. The land will then be developed into a mixed-residential tower comprising about 60 residential apartments across 20 levels.
SG15's formation was carried out using internal cash resources, according to a Wednesday filing.
BHHP15 is an associated company of Siera Group, a boutique residential property developer and builder.
Price (SGD): S$0.24, Change: S$0.00, Percent Change: 0.00%