Responding to market conditions, Kay Lim Holdings Pte Ltd diversified into property development in 2010 when we acquired a row of shophouses through a collective purchase process. We launched our first boutique development Rangoon 88 in 2011 and sold 70% of units within two weeks of its launch.
In the same year, Kay Lim Holdings Pte Ltd successfully tendered for a Design, Build and Sell Scheme (DBSS) project at Pasir Ris with SGX-listed SingXpress Land Ltd (now SingHaiyi Group Ltd). Together with SingXpress Land Ltd and Amara Holdings Ltd, we also won the bid for an Executive Condominium plot in Tampines. The development, Citylife @ Tampines, sold 90% of its units within two days of its launch. The Vales, our most recent development, is a joint venture project with SingHaiyi Group Ltd.
The Group is constantly looking for plots of land to add to our land bank for future developments and keeps ourselves abreast of market trends so that we can deliver quality products that appeal to our customers.