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Thread: TEE Land acquires land at Seraya Crescent for $26 mil to build apartments

  1. #1
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    Oct 2011
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    Default TEE Land acquires land at Seraya Crescent for $26 mil to build apartments

    TEE Land acquires land at Seraya Crescent for $26 mil to build apartments

    PC Lee / The Edge Markets | September 18, 2017


    TEE Land is developing a block of residential apartments at Seraya Crescent.

    The group has entered into six option-to-purchase agreements to acquire for $25.7 million the freehold land located at 1, 1A, 1B, 1C, 1D and 1E, Seraya Crescent with a total land area of 2,236.1 sqm.

    The proposed acquisition is subject to legal due diligence and is expected to be completed by next January.

    TEE Land says the acquisition will be financed by internal funds and bank borrowings.

    The acquisition is not expected to have any material impact on the groupís net tangible assets or earnings per share for the financial year ending May 31.

    TEE Land will keep shareholders informed on further developments of the proposed acquisition as and when appropriate.

    Shares in TEE Land closed at 19 cents on Monday.

  2. #2
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    TEE Land buying Upper Thomson residential site for S$25.74m

    Sep 19, 2017


    TEE Land is buying a small strata development comprising six townhouses along Seraya Crescent off Upper Thomson Road through a collective sale at S$25.74 million.

    The price for the 24,069.16 sq ft freehold site works out to about S$931 per square foot per plot ratio inclusive of an estimated S$5.65 million development charge, said William Gan, founder of William Gan Realty, who brokered the deal.

    Located at 1, 1A, 1B, 1C, 1D and 1E Seraya Crescent, the property is near the Central Catchment Nature Reserve. Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for residential use with 1.4 plot ratio (ratio of maximum gross floor area to land area).

    As unanimous approval from the owners has been obtained, the deal will not be subject to approval by the Strata Titles Board, Mr Gan noted.

    The townhouse project on site is more than 30 years old.

    The site can be redeveloped into a low-rise apartment project with up to 31 units with an average size of 100 sq metres (1,076.39 sq ft) gross floor area.

    Owners of the townhouses will receive sums of between S$4.2 million and S$4.3 million per unit depending on the the strata area of their property. The collective sale was marketed through a tender exercise that closed on Sept 15.

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