The Landmark is an upcoming high-rise condo tower with 396 units. According to Chief Operation Officer of ZACD, Darren Chew, the outstanding tower is set to be launched some time in 2020. The project under development is located at the Landmark Tower site along Chin Swee Road. The site was purchased in May 2018 by joint-venture investors for $286 million.
ZACD Launch For New Development
The Landmark is jointly owned and developed by several partners. They include MCC Land, the Singapore based real estate arm of the MCC Group, which is owned by China. The other partners are SSLE Development, which is the investment entity of Sin Soon Lee run by Lim family and Elitist Development, its real estate development arm.
SSLE Development, ZACD and its funds own 70% of stake in Landmark JV, the joint-venture company that is developing The Landmark. The MCC Land takes up the other 30% stake of the innovative real estate development firm.
The Landmark Has A Lead Developer And Several Major Stakeholders
Chew has revealed that Landmark, the real estate project under development, is the first residential project where ZACD is the main stakeholder. He explained that they were previously contented with minority stake or being minor investors in real estate development projects. Historically, ZACD takes stakes in suburban residential developments ranging from 5%-20%. They usually invest in contractors-turned developers like Wee Hur Holdings, Qingjian Realty, and Capital Development.
The Landmark New Development
ZACD has invested in Qingjian Realty’s residential properties include the Riverparc Residence, a set of executive condo in Punggol, which it invested in 2010. Typically, ZACD invests through fund structure. Other recent projects include JadeScape private condominium, iNZ Residence EC and Le Quest mixed-use commercial properties. They are located in Marymount-Thomson Road area, Choa Chu Kang and Bukit Batok respectively. Other significant stakes in residential properties include Flo Residences, developed by Capital Development, Parc Centros, developed by Wee Hur Holdings and Vue 7 Residences. The real estate projects are located in Punggol and Pasir Ris.