Consortium Boustead Singapore will invest RMB 100 million for a mixed-use property project in Tongzhou, Beijing.

A new mixed-use commercial and residential development with an estimated gross development value (GDV) of more than RMB 100 million will be developed in Beijing's Tongzhou district.

The project, named Beijing Tongzhou Integrated Development, will consist of office and retail units, as well as a residential component. In total, the property will contain 402,000 sq m of gross floor area. It is scheduled for completion in 2016.

Beijing Tongzhou Integrated Development will be developed by Boustead Singapore, a consortium consisting of BreadTalk Group’s wholly owned subsidiary, Imagine Properties Pte Ltd and Perennial China Retail Trust’s wholly owned subsidiary, Perennial China Retail Pte Ltd. Undertaken in partnership with a subsidiary company of a Beijing real estate developer, the project will mark Boustead's first foray into China's commercial and retail property sector.

The development will be funded through internal cash resources, said Boustead, with chairman and group CEO Wong Fong Fui putting up about RMB 50 million (SGD 10.06 million) through his controlled entity Bright Assets Enterprises.

The group noted that its investment in the Beijing Tongzhou Integrated Development project “presents an excellent opportunity... to expand its expertise and track record.” It added that the investment does not impact its earnings per share and net tangible asset per share for FY ending 31 March 2013.

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