KUALA LUMPUR, July 2 — Selangor Dredging Berhad (SDB) has entered into an agreement to purchase via Tiara Land Pte Ltd, a 50 per cent-associated company of SDB International Sdn Bhd, 17 parcels of land from individual landowners for a sum of S$60,262,500, which is equivalent to RM180,048,768, a statement today said.
Purchase of the land will be funded by both internally-generated funds and bank borrowings.
Collectively, the 17 parcels measure 1,667.53sq m (17,949.15sq ft) and currently house several buildings. It is located on Woodsville Close and Meyappa Chettiar Road, District 13, Singapore and is just 200m away from the Potong Pasir MRT station.
These plots, which will be amalgamated, are located close to amenities such as schools, shopping and recreational facilities.
SDB first ventured into property development in Singapore in 2008 and now has five developments in the island city-state, all of which were fully sold prior to completion.
Thereafter, SDB purchased a piece of land in Serangoon in December 2016 and another in Draycott Park in June 2017. Both developments are expected to be launched within the next few months.
While there is no immediate plan to develop the parcel of land, SDB is confident that like its previous developments, it will be well-received not only due to its location, but also because the design concept and design planning is synonymous with SDB developments. — Bernama
Source: The Malay Mail Online