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Pollux Properties, through its indirect, wholly-owned subsidiary, Pollux Treasures, has acquired a property at Geylang Road for S$25 million.
The company said the property comprises a residential-cum-commercial building situated on a 1,350.2 sq m plot of freehold land. It has a maximum plot ratio of 2.8 for residential development and a maximum plot ratio of three for commercial development, and is currently zoned as part-residential / part-commercial / institution.
Pollux noted that the group plans to redevelop the property, subject to approval from the relevant authorities. It added that the acquisition, which is expected to be completed in 12 weeks, will be funded through internal resources and bank borrowings.
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