Selangor Dredging Berhad (SDB) announced on Wednesday (7 June) that a partly-owned subsidiary has exercised an option to purchase a 17,442 sq ft freehold land with a seven-storey apartment in Draycott Park, Singapore for S$72 million (RM223.2 million).
Based on a filing with Bursa Malaysia, the property was bought from Tang Wee Houe and Seow Ai Ling by Champsworth Development Pte Ltd, a 50 percent associated company of SDB International Sdn Bhd, which in turn is a fully-owned unit of SDB.
“The property is located in the heart of Singapore’s premier residential enclave of Claymore Hill and Ardmore Park,” it said in a statement.
Aside from being near The Pines, Tanglin Club, Shangri-la Hotel, American Club, Raffles Town Club and Goodwood Park Hotel, it is also a short walk from Scotts Road and Orchard Road.
Situated in prime District 10, the site close to Newton MRT Station, Stevens MRT Station and Orchard MRT Station, can be redeveloped into upscale mid-rise apartments.
30 percent of the purchase price will be funded by internally generated resources, while 70 percent will come from bank borrowings by Chamspworth.
Meanwhile, SDB revealed that the Draycott Park site represents its seventh property acquisition in Singapore, according to a report from The Star.
Previously, the company bought a 31,705 sq ft freehold plot at Serangoon Road in District 12 last December for S$47 million (RM146.9 million).
It has also successfully completed five developments in the city-state so far, said Teh Lip Kim, Managing Director of SDB.
“These two additional parcels would result in SDB having a total of seven property development projects in Singapore very soon,” she noted.
“Our team will commence with the development conceptualisation and planning in the immediate future, and we aim to launch both the projects within the first half of 2018.”
More projects by Selangor Dredging:
2. The Hub SOVO Suites, Petaling Jaya
Image sourced from The Star
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
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