Singapore Company to Develop Township in Shenyang

julia

<table cellspacing="0" cellpadding="0" width="96%" align="center" border="0"><tbody><tr><td class="nava3" valign="top"><p>SINGAPORE: Mainboard-listed Brothers Holdings says it has received the green light from the Chinese government to buy and develop a township in the city of Shenyang, which is the capital of China's Liaoning province. </p><p>The S$1 billion township will be called Singapore city Shenyang&nbsp;. The project is the biggest so far by a Singapore property developer in Northeast China. </p><p>Brothers Holdings will issue new shares to raise S$7 million to help finance the first phase of the project. </p><p>Singapore city Shenayng&nbsp;will be a satellite city modelled on Singapore. </p><p>It will be located 10 kilometres from the Shenyang International Airport and 5 kilometres from the Taiyuan Street Business Zone. </p><p>The site spans 5 million square feet and can be built up to a gross floor area of 10 million square feet. </p><p>Brothers Holdings told a news conference the township will have a mix of 90 percent residential and 10 percent commercial properties. </p><p>T.C. Koh, Group Managing Director of Brothers Holdings, says: "We'll build a shopping centre like Bugis Junction, a shophouse like those old shophouses in Tanjong Pagar and Chinatown, and country club house like Singapore Country Club or Raffles Country Club." </p><p>A patch of waterfront land has been set aside for a luxury development, much like Sentosa Cove. </p><p>The night entertainment area of Boat Quay and Clarke Quay will also be duplicated. </p><p>Brothers Holdings is even looking for a Singapore water treatment firm to improve the water quality in its development. </p><p>It's also seeking a Singapore partner to build a bilingual school on what will be a self-sufficient township. </p><p>The development is targeting mostly Chinese buyers. </p><p>"The whole population is 7 million in Shenyang. Within one hour's drive, the surrounding population is 24 million. Shenyang is central. Our marketing may extend to surrounding cities. Our target is not 7 million, it's 24 million," says Mr Koh. </p><p>Construction of Phase 1 starts next year and will be completed by 2009. </p><p>The township will take eight years to complete. </p><p>To finance the first phase, Brothers Holdings will place out nearly 25 million new shares at 28.47 cents each to raise about S$7 million. </p><p>The share placement represents 20 percent of the existing issued share capital and 16 percent of the enlarged issued share capital.</p></td></tr></tbody></table>