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mr funny
17-07-07, 04:42
Published July 17, 2007

Nobel Design snaps up two more properties

By UMA SHANKARI


NOBEL Design Holdings yesterday said it will acquire another two properties at Jalan Lim Tai See - in addition to a property it bought on the same street earlier this year.

The three properties, which will give a combined land area of about 63,100 sq ft, will be redeveloped into a cluster of 35-40 semi-detached houses and bungalows for sale.

The company said that the cost of the three properties - at 69, 71 and 71A Jalan Lim Tai See - comes to $48.5 million.

'The effort represents the company's further expansion into niche property developments which is intended to be a key contributor to the profitability of the company,' Nobel Design said in a filing to the Singapore Exchange.

In April this year, Nobel Design announced that it bought a property at 69, Jalan Lim Tai See for $14 million.

Then, Nobel set up a 50-50 joint venture company - Astrid Hill Residences Pte Ltd - with ACT Holdings Pte Ltd to acquire the property.

For the new acquisitions, Astrid acquired the options to purchase the two properties from Fortune Land Pte Ltd. In return, Fortune Land will take a stake in Astrid.

At the end of the whole exercise, Nobel Design will own a 28.75 per cent stake in Astrid. ACT and Fortune Land will hold 28.75 and 42.5 per cent respectively.

The development will be financed through a combination of internal funds and bank borrowing, Nobel Design said.

The company added that the project is not expected to have a material impact on its net tangible assets or earnings per share for the financial year ending December 31, 2007.

Nobel Design's shares closed two cents up at a one-year high of 42.5 cents yesterday. The company's stock has climbed 136.1 per cent since the start of the year.

Unregistered
18-07-07, 06:06
wow, from 3 properties, they can generate 35-40 units.