Low Keng Huat buys remaining 36 units at Balestier Towers
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
LOW Keng Huat (Singapore), which last August acquired 15 commercial units and an apartment at Balestier Towers for nearly $77.4 million, yesterday exercised options to purchase the balance 36 units in the mixed-use development for slightly above $63.9 million.
Its 99 per cent owned subsidiary Newfort Alliance (Moulmein), which made the two sets of acquisitions, plans to redevelop the 29,986-sq-ft site into a mixed residential and commercial development. The site's tenure is statutory land grant, which is akin to freehold tenure. Tan JingWen (Chen JingWen) holds the other one per cent of Newfort.
Low Keng Huat's release did not give further details but under Master Plan 2014, the site is zoned for commercial and residential use with a 3.0 plot ratio (ratio of maximum gross floor area to land area).
Copyright SPH Media. All rights reserved.
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
