Selangor Dredging buys Singapore land for S$72 mil

KUALA LUMPUR (June 8): Selangor Dredging Bhd (SDB), via its indirect 50% associated company Champsworth Development Pte Ltd, has acquired a parcel of prime land in Draycott Park, Singapore for S$72 million (RM223.2 million).

It plans to build exclusive mid-rise apartments at the site, which is located off Stevens Road, minutes away from the shopping belts of Scotts Road and Orchard Road.

The parcel measures 17,442 sq ft and currently houses a seven-storey apartment, said SDB in a statement yesterday.

SDB added that the purchase will be funded by a combination of 30% internal funds and 70% bank borrowings by Chamspworth.

The latest purchase brings the group’s total properties in Singapore to seven. In December 2016, SDB purchased a parcel of freehold land located in Serangoon Road, District 12, measuring 31,705 sq ft for S$47 million.

“We have successfully completed five projects in Singapore. These two additional parcels will result in SDB having a total of seven property development projects in Singapore very soon,” said SDB managing director Teh Lip Kim.

“Our team will commence with development conceptualisation and planning in the immediate future. We aim to launch both the projects within the first half of 2018,” she added.

SDB made its first purchase of land in Singapore in 2006, with the group saying its venture into the Singapore property market has proven fruitful. They included Jia and Hijauan in District 9, Gilstead 2 in District 11, Okio in District 12 and Village in District 5.

In Malaysia, SDB has launched 13 projects located throughout the Klang Valley and Penang.

This article first appeared in The Edge Financial Daily, on June 8, 2017.

For more stories, download TheEdgeProperty.com pullout here for free.