Logistics shells out S$13.4m in Minton Court acquisition

Its first foray in property development.

In a release, Logistics Holdings announced that it has exercised the Options of Purchase of all strata lots and the common property in the development known as Minton Court for approximately S$13.4 million, marking the Group’s first foray in the property development business.

The estimated cost of the acquisition works out to be about S$1,010 per square foot based on the land area of 13,271 square feet. The Group intends to redevelop the freehold site into high end cluster houses development consisting of 6 to 8 units.

Minton Court is attractively located within an exclusive private residential precinct at Paya Lebar Crescent and is just minutes-walk from the popular Paya Lebar Methodist Girls’ School.

It is also just a stone throw’s away from NEX shopping mall and Serangoon MRT station, as well as another wellknown school—St. Gabriel’s Secondary School. The Group believes the good location of the site will attract keen interests from home buyers and real estate investors.

The costs of this purchase and redevelopment will be financed by the Group’s internal funds and bank borrowings.