A joint venture (JV) between Heeton Holdings, Lian Beng Group and KSH Holdings has completed the acquisition of several freehold land parcels at 31 to 51 (odd) Lorong 24 in Geylang for a total of $60 million on Monday (5 March).
According to an SGX filing on released on the same day, the sites with a combined land area of about 2,432 sq m was purchased by the JV firm known as Development 24.
Heeton Holdings owns a 10 percent stake in the entity. Lian Beng controls 42 percent, while KSH Holdings holds the remaining 48 percent.
“Development 24 intends to develop a block of 8-storey residential flats (approximately 110 units in total) with sky garden, swimming pool and multi-storey carpark, subject to obtaining all the necessary approvals from the relevant authorities.”
“No further development charges are expected to be necessary for the proposed development,” they said in a statement.
The acquisition is not expected to have any material impact on the net tangible assets per share and earnings per share of the three companies for their current financial years.
The present fiscal year for KSH Holdings will end on 31 March. That for Lian Beng and Heeton Holdings will end on 31 May and 31 December 2018, respectively.
This article was edited by Keshia Faculin.