KUALA LUMPUR: Selangor Dredging Bhd
’s (SDB) 50%-owned associated company Champsworth Development Pte Ltd has bought a parcel of land with an existing seven-storey apartment building in Draycott Park, Singapore, for S$72mil (RM223.20mil).
In a filing with Bursa Malaysia, the property developer said it planned to develop exclusive mid-rise apartments on the land, which measures 17,442 sq ft.
It said the property was in prime District 10 and situated in a well-established residential location near private institutes, shopping and dining amenities.
“The property is located in the heart of Singapore’s premier residential enclave of Claymore Hill and Ardmore Park. In close proximity are the Tanglin Club, American Club, The Pines, Raffles Town Club, Goodwood Park Hotel as well as Shangri-La Hotel,” SDB said.
“In addition, it is within minutes walk to Scotts Road and Orchard Road, one of the world’s most popular shopping destinations.”
The company said the purchase consideration and development of the property would be funded by a combination of 30% internally generated funds and 70% bank borrowings by Chamspworth.
In a press statement, SDB said the acquisition marked the seventh property SDB had purchased in Singapore.
In December 2016, it bought a parcel of freehold land located on Serangoon Road, District 12, measuring 31,705 sq ft. This parcel was purchased for S$47mil (RM146.9mil).
SDB managing director Teh Lip Kim said the company had successfully completed five projects in Singapore so far.
“These two additional parcels would result in SDB having a total of seven property development projects in Singapore very soon.
“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,” she said.
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