Selangor Dredging Bhd.'s Tiara Land Pte. Ltd. accepted options to acquire 17 land parcels in Singapore's District 13 for a total consideration of nearly S$60.3 million.

The properties, which are adjacent to each other, have the potential to be developed into mid-rise apartments, according to a release.

The Malaysia-headquartered real estate developer's subsidiary plans to use internal funds and bank borrowings to finance the acquisition and development of the land parcels.

As of July 2, US$1 was equivalent to S$1.37.