Stock News: Chip Eng Seng unit, WP Mauritius to develop residential property

Construction firm Chip Eng Seng Corp Ltd said its unit CEL Development Pte Ltd and WP Mauritius Holdings have entered into a joint venture agreement for a residential property development project here. The joint venture CES-West Coast Pte Ltd (CESW) will develop Westpeak Condominium, which was acquired in April for 206.09 mln sgd. CEL and WP Mauritius, a wholly-owned investment vehicle of Lehman Brothers Real Estate Partners II, will have equal stakes in CESW.