The Watercolours Project
In October 2011, GPS acquired a 15% stake in a 416 unit executive condominium housing development project in Pasir Ris, Singapore (Watercolours Project).
GPSA is solely responsible for the marketing strategy and sales of the Watercolours Project.
The Watercolours Project was launched in the second quarter of 2012. As at the date of this Prospectus, 357 units have been sold and GPSA has been paid S$2.4 million in respect of the marketing and sales of the units.
GPS Development’s role in the Watercolours Project is to provide property management services in relation to the Watercolours Project.
GPS Development has also been appointed as the project manager for an estimated 500 modern shop lots in Johor Bahru, Malaysia (JB Malaysia Project). The scope of GPS Development’s role in the JB Malaysia Project is as follows:
- strategic planning;
- acquisition of land;
- financial consultancy services;
- market research;
- consultancy work; and
- pricing technique.
GPS Development is looking to grow its reach in the property development space and is actively seeking joint venture arrangements in Malaysia and other parts of Asia and Australia pursuant to which the joint venture partner will provide the land and GPS Development will be responsible for project management and construction, while GPSA will provide the marketing and sales services.
GPS Development is actively seeking strategic partners in the development of condominiums, serviced apartments, landed properties and mixed development.
In addition to the Watercolours Project, GPSA is currently engaged in providing sales and marketing services to:
- the Twin Fountains Executive Condominium Project (a housing development project in Singapore comprising 418 condominium units);
- the Sembawang Executive Condominium Project (a housing development project in Singapore comprising 500 condominium units);
- the Peak Project (a serviced apartment project in Johor Bahru, Malaysia comprising 668 apartment units).
Please visit www.gps.com.sg for more details.