KSH unit to buy 26,625 sq. ft. property at S$28mln

Site has plot ratio of 2.8 and will have gross floor area of 74,549 sq. ft.

The Board of Directors of KSH Holdings Limited (“the Company”) is pleased to announce that Development 26 Pte. Ltd. (“Development 26”), an associate company with shareholdings of 45% owned by the Company via its wholly owned subsidiary, Kim Seng Heng Realty Pte Ltd, has exercised the option to purchase of the freehold property at 5 Lorong 26, Geylang, Singapore 398480 (“the Property”) for a total cash consideration of S$28,000,000 (“Purchase Price”).

Other shareholders of Development 26 include TEE Development Pte Ltd, a wholly owned subsidiary of TEE International Limited and Heeton Homes Pte Ltd, a wholly owned subsidiary of Heeton Holdings Limited which have shareholdings of 45% and 10% respectively.

The Property has a land area of approximately 26,625 square feet. It has a plot ratio of about 2.8, which would permit a total gross floor area of approximately 74,549 square feet for residential development, according to a KSH Holdings report.

The Purchase Price for the Property was arrived at after taking into account various commercial factors including the development potential, location of the Property and the recent transacted prices for properties in the vicinity.

The acquisition and purchase of the Property will be financed by internal funds and bank borrowings.