Selangor Dredging Bhd (SDB) announced today its associate company plans to buy 17 parcels of adjacent properties in the prime District 13 in Singapore for S$60.26 million (RM180.06 million), where the latter intends to develop exclusive mid-rise apartments.
In a filing with Bursa Malaysia today, SDB said Tiara Land Pte Ltd, a wholly-owned subsidiary of Champsworth Development Pte Ltd, which is a 50% associated company of SDB International Sdn Bhd, which is in turn a wholly-owned subsidiary of SDB, has accepted options to acquire the properties, which are close to Potong Pasir MRT, Woodleigh MRT and Boon Keng MRT.
It said the purchase was agreed upon on a willing buyer and willing seller basis, after considering the proposed development's potential, the 10-minute driving proximity of the commercial business district and Orchard Road, and the nearby malls including The Venue Shoppes, HDB Hub and NEX shopping mall.
The purchase consideration and development of the property will be funded by Tiara Land via 25% internal funds and 75% bank borrowings.
SDB shares rose one sen or 1.32% to close at 76.5 sen for a market capitalisation of RM325.99 million.
This story first appeared on The Edge Markets