KSH unit to acquire Geylang site for S$28m

Development 26 Pte. Ltd., an associate company where KSH Holdings Limited owns 45 percent share through its wholly-owned subsidiary Kim Seng Heng Realty Pte Ltd, has exercised the option to acquire a freehold property at 5 Lorong 26, Geylang for S$28 million.

TEE Development Pte Ltd, a wholly-owned subsidiary of TEE International Limited, and Heeton Homes Pte Ltd, a wholly-owned unit of Heeton Holdings Limited, have 45 percent and 10 percent of shares at Development 26, respectively.

The Geylang property has a total land area of 26,625 sq ft with a plot ratio of 2.8. It would permit a total gross floor area of about 74,549 sq ft for residential development.

Sources of funding for the acquisition will come from bank borrowings and internal funds.