KSH, Lian Beng and Heeton unveil plans for Geylang plot

Tue, Mar 06, 2018

Lee Meixian


PROPERTY companies KSH Holdings, Lian Beng and Heeton Holdings on Monday said that their joint venture has completed the acquisition of odd-number properties 31 to 51 along Lorong 24 Geylang for S$60 million.

KSH Holdings owns the lion share in the JV at 48 per cent, followed by Lian Beng (42 per cent) and Heeton Holdings (10 per cent).

The properties have a combined land area of about 2,432 square metres. The vendor is an independent and unrelated third party.

The joint company, called Development 24, plans to develop a block of eight-storey residential flats comprising about 110 units. It will also come with a sky garden, swimming pool and multi-storey carpark, subject to the joint venture obtaining the necessary regulatory approvals.

No further development charges are expected to be necessary for the proposed development.

All three companies said the acquisition is not expected to have any material impact on their net tangible assets per share and earnings per share for their current financial years.

The Geylang area has seen some buzz in transaction activity this year.

Last month, Oxley Holdings said it agreed to buy a property in Geylang for S$13 million from Huang Shi Zong Hui Singapore (Huang Clan Association) under a 99-year lease.

Edmund Tie & Company (ET&Co) is also marketing the sale of a 1,696.3 sq m redevelopment site in the Geylang neighbourhood, where an unnamed owner is putting the property up for tender, and has asked for S$36 million.

The site, which occupies the odd numbered lots 1 through 21 along Lorong 18 Geylang, is being offered on a 99-year leasehold tenure. It also sits in an area that was rezoned in 2015 from residential/institution to commercial/institution under the URA's 2014 Master Plan. The tender closes on March 22.

KSH closed three Singapore cents lower at S$0.705; Lian Beng closed three Singapore cents lower at S$0.64; Heeton closed flat at S$0.57.