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Saturday, July 10, 2010

Selangor Dredging sub-unit wins bid for Singapore property

SELANGOR Dredging Bhd's (SDB) sub-subsidiary, has won its bid for an 18 year-old residential block on 63, Cavenagh Road, Cavenagh Mansions, Singapore for RM99.6 million, or S$42.38 million.

Yesterday, SDB announced that Teck Jin (Private) Ltd, the owner of the residential block, had accepted the offer by SDB Asia Pte Ltd.

The property comprises a site area of about 19,813 sq ft and has potential for development by virtue of it being located in District 9 which is one of the prime and desired residential areas in Singapore.

The project is expected to have a gross development value of RM205 million.

Due to its proximity to the Central Business District, Orchard Road shopping and entertainment belt, District 9 is popular for its exclusive condominiums and high rise private apartments.

District 9 also constitutes the main shopping district of Singapore. Major department stores, hotels, boutiques and dining and entertainment venues are located there.

"The acquisition will provide an opportunity for SDB Group to further expand its property activities abroad and build the SDB brand name internationally," SDB told Bursa malaysia Bhd yesterday.

By Business Times

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