Results 1 to 2 of 2

Thread: Nobel Design snaps up two more properties

  1. #1
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Nobel Design snaps up two more properties

    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.

  2. #2
    Unregistered
    Guest

    Default Re: Nobel Design snaps up two more properties

    wow, from 3 properties, they can generate 35-40 units.

Similar Threads

  1. Graduation Speech by Nobel Laureate Thomas Sargent
    By Londonproperty123 in forum Coffeeshop Talk
    Replies: 2
    -: 19-04-14, 14:16
  2. Wheelock Properties snaps up stock in SC Global
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 1
    -: 18-12-12, 12:23
  3. ERC snaps up Prime Centre for $103m
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 08-11-10, 18:10
  4. Property fund snaps up 21 condo units for $65m
    By mr funny in forum En Bloc Achieved
    Replies: 4
    -: 09-08-09, 02:20
  5. Properties with an eye on design
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 05-06-07, 04:37

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •