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. Last Updated: 07/27/2016

Developer Buys Soft-Proyekt Stake

SINGAPORE -- City Developments, Singapore's second-largest developer, signed an agreement to take a stake in a $125 million joint venture known as Soft-Proyekt, which owns properties in Moscow, the company said Wednesday.

Soft-Proyekt owns the Iris Congress Hotel and a nine-story serviced apartment block in Moscow. Golden Orchard Hotels, linked to the founder and chairman of the Amtel Group of Companies, owns the remaining half of the venture.

City Developments, through Soft-Proyekt, will develop a piece of vacant land next to the Iris Congress Hotel into a complex that will include conference rooms and restaurants.

"Russia is fast becoming an important East European market," Kwek Leng Beng, City Developments's executive chairman, said in a joint statement with Amtel.