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Thread: Geylang... sipaku Geylang!

  1. #1
    Join Date
    Mar 2012

    Default Geylang... sipaku Geylang!

    SEPTEMBER 04, 2012
    TEE, KSH, Heeton to jointly redevelop Geylang project
    TEE unit exercises option to purchase $22.6m properties

    TEE International, KSH Holdings and Heeton Holdings have agreed to enter into yet another joint venture for a redevelopment project in Geylang.
    TEE International's unit TEE Realty Pte Ltd, through its wholly owned subsidiary TEE Residence, exercised its option to purchase the freehold properties at 48A, 50A, 52A, 54A, 56A, 58A and 60A in Lorong 32, Geylang Road on Aug 31 at $22.6 million.
    With a total land area of 13,282 square feet and a plot ratio of 2.8, the site is allowed a development of up to a gross saleable area of 40,910 sq feet, including balcony.
    The joint venture will see TEE Realty and Kim Seng Heng Realty owning 45 per cent each while Heeton Homes Pte Ltd will take the remaining 10 per cent of the entire issued and paid-up share capital of TEE Residence.
    KSH executive chairman and managing director Choo Chee Onn said that the development is within reach of the Central Business District and close to the Eunos and Ubi industrial parks. It's also close to Aljunied MRT Station.
    "Leveraging on the excellent location of the newly acquired site, attractively priced land and coupled with the complementary strengths of all three partners, I am confident that this will be another successful project for all of us," said C K Phua, TEE International's chief executive, of the latest joint undertaking after other collaborations such as the fully sold Rezi 26 in Lorong 26, Geylang.
    The property developers said last month that they will be working together on a project at the Sam Leong Mansion site, which KSH Property Premier bought for $40.3 million through a collective purchase tender.
    The groups have said that the joint venture in itself is not expected to have any material impact on the individual group's net tangible assets or earnings per share for their current financial year.
    Shares of the three companies ended the trading session yesterday unchanged, with TEE closing at 23 cents, Heeton at 43.5 cents and KSH at 22.5 cents.

  2. #2
    Join Date
    Mar 2012


    MP Lee company also buying and bought into Geylang....

  3. #3
    Join Date
    Jun 2011

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