Hwa Hong buys two Jalan Besar commercial sites for $13.8 mil

/ EdgeProp
June 28, 2018 12:28 AM SGT
HDB blocks along Veerasamy Road, near Jalan Besar (Credit: e_chaya/Flickr)
Hwa Hong Corporation has bought two commercial freehold sites in Jalan Besar from City Developments Limited for $13.8 million.
The two sites measure an estimated 3,230 sq ft, and are zoned for commercial use with a gross plot ratio of 3.0. Hwa Hong intends to develop the sites into one or two commercial buildings with a maximum GFA of 9,691 sq ft. The move is in line with the company’s strategy to strengthen its future rental incomes and benefit from the capital appreciation of the sites.
The two sites are within walking distance to Farrer Park and Jalan Besar MRT Station, and are close to City Square Mall and Little India.