Low Keng Huat (Singapore) Ltd. signed a S$362.0 million deal with unit owners to buy the Cairnhill Mansions estate at 69 Cairnhill Rd. in Singapore.
The freehold site, which was placed on the market in October 2017, sits on a 43,103-square-foot land parcel with a plot ratio of about 3.63. The company established a new subsidiary, Glopeak Development Pte. Ltd., to purchase the site and redevelop it into a high-rise residential condominium, which is expected to contain 200 units.
Low Keng Huat will use internal resources and debt to fund the acquisition, according to a release.
As of Feb. 14, US$1 was equivalent to S$1.32.