Goodland unit to acquire four Serangoon Road shophouses for S$16m

PEG East, a unit of Goodland Group, has entered an agreement to acquire a row of four freehold double-storey shophouses on Serangoon Road for S$16 million, the mainboard-listed property developer announced on Wednesday.

The properties are 1375, 1377, 1379 and 1381 Serangoon Road, which Goodland described as "conveniently located at the city fringe" and easily accessible via major roads, expressways, MRT stations and shopping malls.

The company intends to redevelop the land on which the properties are situated, subject to approval from the authorities. The acquisition is being funded through internal resources and/or bank borrowings, and is not expected to have a material impact on earnings per share for the current financial year ending September.

Shares of Goodland closed at S$0.137 on Wednesday, down 1.44 per cent.