#Latest* SDB’s new project in Singapore receives good response

KUALA LUMPUR: Selangor Dredging Bhd’s property development arm SDB Properties Sdn Bhd (SDB)'s second residential development in Singapore, Gilstead Two (pictured), got off to a good start with 33 units out of 40 released snapped up after a private viewing on May 29.

The project, with a gross development value (GDV) of S$200 million (RM470.83 million), comprises 110 units in a 34-storey tower on a 35,510 sq ft site. Gilstead Two is a short walk from the Newton MRT station and popular eatery Newton Circus.

SDB’s first residential project in Singapore was Jia, a 22-unit apartment block of 7-storeys with 2- and 3-bedroom units sized between 1,200 and 1,600 sq ft. The GDV of Jia is S$55 million.

Selangor Dredging Bhd managing director Teh Lip Kim said on June 7 Gilstead Two offers something different from what is currently available in the Singapore market. “SDB has an advantage on its concept. We look at things more holistically to ensure livability,” Teh explained. The project is slated for completion by 2014.

She said Gilstead Two is targeted at senior management staff or young couples and homebuyers who want a place to de-stress and relax after a hard day at the office. The swimming pool area, for example, has incorporated a hydro treatment pool for residents.

Gilstead Two comprises two types of units -- Type A is 904 sq ft while Type B is 775 sq ft with prices ranging from S$1,900 to S$2,300 psf. The penthouse has been sold for S$5.1 million, while garden units went for S$2.3 million each.

Back in Malaysia, Teh said SDB will be launching its 20trees West development soon, which is adjacent to the developer’s ongoing 20trees project in Taman Melawati, Kuala Lumpur. 20trees spans 23 acres, comprising 83 landed units and 118 apartments.

The freehold 10.75-acre 20trees West development, with a GDV of RM150 million, consists of 43 units of 3-storey bungalows with private swimming pools and 2-tier landscaped gardens of specially selected tropical trees. “People come to Melawati for the greenery, and we wanted to incorporate that into this development,” she said about 20trees West. Indicative prices start from RM3 million, while each unit’s land size is between 5,000 and 8,300 sq ft, with built-ups ranging from 6,400 to 7,200 sq ft

SDB currently has RM650 million worth of projects, including Gilstead Two and 20trees West, ready for launch in its current financial year ending March 31, 2011. Total unbilled sales amount to RM400 million, while the total GDV of its projects is RM1.1 billion.

Teh said another residential development called Dedaun is in the planning stages. Situated behind the British High Commission in Ampang, Kuala Lumpur, it will be a 38-unit apartment project with a 1970s theme. No indicative pricing has been set yet.

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