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Koh Brothers unit to buy Singapore residential asset for S$120M

Koh Brothers Group Ltd. unit KBD Ventures Pte. Ltd.'s approximately S$120.4 million tender to collectively buy the Toho Mansion property in Singapore was accepted by the unidentified seller.

The Singapore-based construction company will redevelop the property, which features 32 freehold walk up apartments on a roughly 4,427.7-square-meter site area at Holland Road.

Koh Brothers said it will use internal resources and bank borrowings to pay the consideration for Toho Mansion, which is expected to change hands by Dec. 8.

The transaction and redevelopment are subject to the obtaining of necessary approvals from the relevant authorities.

As of March 8, US$1 was equivalent to S$1.32.