The Board of Directors of UE E&C Ltd. announced that Maxdin Pte. Ltd., together with its joint venture partner Sing Holdings Ltd. has set up a joint venture company, known as Coral Edge Development Pte. Ltd. Coral Edge Development will complete the acquisition of the land parcel at Punggol Field Walk /Punggol East, which was awarded to Sing Holdings by the Housing & Development Board on December 10, 2012.

Coral Edge Development will undertake the development of an Executive Condominium with a gross floor area of 42,921 square metres on the said land parcel. Coral Edge Development is incorporated with an issued and paid-up share capital of SGD 1 million comprising 1 million ordinary shares held by the joint venture partners in the proportion of 70% by Sing Holdings and 30% by Maxdin. Greatearth Construction Pte Ltd, a wholly-owned subsidiary of the UE E&C Group, will be appointed as the main contractor for the Project.