Zhitong Financial App News, CWT INT'L (00521) announced that on March 27, 2026, HPC Realty, LXP, CWT Pte. , O2 Realty and the joint venture entered into a joint venture agreement to jointly invest in the joint venture to carry out property redevelopment projects in Singapore. After further commercial negotiations, the two parties entered into a revised and restated agreement on May 18, 2026. As of the date of this announcement, the joint venture was 47% owned by HPC Realty, 19% by CWT Pte., 29% by LXP, and 5% by O2 Realty. Under the joint venture agreement and shareholding interests based on CWT Pte., the initial investment amount for the purchase and redevelopment of the property was SGD 15.2892 million.
The property is located in Tuas, Singapore, with a total land area of approximately 108,822.1 square meters. Independent valuations set its market value at approximately SGD 323 million. According to the sale agreement between the joint venture and the seller, the purchase price of the property was SGD 322 million. After the sale of 23% interest in the property, the joint venture will retain approximately 77% interest in the property for redevelopment purposes and intend to develop it mainly into a logistics and industrial facility for sale.
The reconstruction is expected to take place from July 2027 to July 2030. According to the construction cost certificate issued by the qualified consultant, the total reconstruction cost is estimated to be no more than SGD 378 million. Shareholders of joint ventures are required to provide share capital contributions for the remaining 30% of the total cost (including purchase and reconstruction) and disburse them from time to time as needed. CWT Pte.'s estimated total investment amount for property redevelopment (including initial investment and further investment) is approximately SGD 51,748,999 million. These contributions will be disbursed from within the Group's internal resources.
Some of the Group's warehouses have/will be returned to the Singapore Government when the land lease expires, and there is an urgent need to stabilize the Group's warehousing network. The Singapore Government plans to move its port, warehousing and supply chain infrastructure westward to the Port of Tuas by 2040. The property redevelopment is strategically located in the Tuas area, which helps maintain the Group's storage scale and seize market opportunities.