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Hwa Hong buys 2 commercial sites from CDL for S$13.8m
HWA Hong Corporation has acquired two commercial freehold plots at Jalan Besar in Singapore from City Developments Limited (CDL) for S$13.8 million in total.
The option to purchase was exercised by Hwa Hong's indirect wholly owned subsidiary Global Trade Investment Management Pte Ltd (GTI) on Tuesday.
The two sites have a combined land area of about 300.1 square metres (3,230 square feet) and are zoned “commercial” with a gross plot ratio of 3.0.
They are located close to City Square Mall and Little India, and within walking distance of Farrer Park and Jalan Besar MRT stations. The sites are also a short drive to the central business district.
JLL had on April 23 launched an expression of interest (EOI) exercise by inviting submissions for the purchase of the subject sites. Interested parties were invited to submit their expressions of interest to JLL in sealed envelopes on a confidential basis by the closing date of 3pm on May 30.
Multiple expressions of interest were received by JLL. GTI was selected under the EOI Exercise and granted the option to purchase on June 12.
The group said ithat t plans to develop the sites into one or two commercial buildings with a maximum total gross floor area of about 900.3 sq m (9,691 sq ft).
"The acquisition will allow the group to invest in the subject sites and thereby expand its commercial property portfolio in Singapore," Hwa Hong added. "The acquisition is also in line with the group’s strategy to seek development opportunities in Singapore to strengthen its recurrent future rental income and for capital appreciation."
No shareholders’ approval is required for the acquisition.