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Lian Beng-KSH-Heeton JV completes S$60M purchase of Singapore residential site

Development 24 Pte. Ltd., a 10/42/48 joint venture between Heeton Holdings Ltd., Lian Beng Group Ltd. and KSH Holdings Ltd., wrapped up its S$60.0 million acquisition of properties in the planning area of Geylang in Singapore from an unrelated third party.

The purchase of the freehold land parcels at 31 to 51 (Odd) Lorong 24 stemmed from Development 24's exercise in December 2017 of an option to buy the plots, which have a combined area of approximately 26,188 square feet and development capacity of roughly 73,325 square feet.

The joint venture will develop the Geylang site into an eight-story residential block, with roughly 110 apartments, a sky garden, a swimming pool and a multistory carpark, following the procurement of necessary approvals from relevant authorities.

As of March 5, US$1 was equivalent to S$1.32.