Singapore eDevelopment sells more residential lots in Texas project

Its US sales now total to $37.8m.

Catalist-listed Singapore eDevelopment today revealed that it has sold a further $10.6m (US$8.1m) worth of sub-divided residential lots in its Texas property project in recent weeks, lifting total sales in the U.S. land parcel to $37.8m (US$28.82 million).

The 136-acre land parcel in Houston was sub-divided into 365 lots, instead of 398 lots as initially planned. The firm said that it had sold 221 lots of them to date at an average price of $174,000 (US$130,000).

Following negotiations with municipal authorities, SeD expects to be reimbursed for certain development costs such as water and sewage infrastructure improvements and sales to the district.

The Group expects to complete the necessary infrastructure development and deliver the subdivided lots in phases. It will recognize revenue from the Texas limited partnership vehicle, Black Oak, over four years instead of three as previously announced, starting from the financial year ending 31 December 2015.