A property company affiliated with resource-based manufacturing group Royal Golden Eagle acquired the Chinatown Plaza mixed-use site along Singapore's Craig Road in a S$260 million en bloc transaction, The (Singapore) Business Times reported.
The roughly 33,953-square-foot site carries an approval from the city's Urban Redevelopment Authority to be redeveloped into a serviced apartment project with commercial use. The development, according to the May 19 report, could have an estimated gross floor area of up to 135,742 square feet.
Each apartment owner of Chinatown Plaza is expected to receive gross sale proceeds of between S$3.4 million and S$4.8 million, while each shop owner can pocket between S$1.6 million and $10.6 million from the Edmund Tie & Co.-brokered transaction, the paper added.
As of May 18, US$1 was equivalent to S$1.34.