GuocoLand buys Leedon Heights site for S$835m - 27 Apr 07
Dan
hrs
SINGAPORE : Property developer GuocoLand has bought a large freehold
residential site in prime District 10 for S$835 million.
The price is higher than S$780 million that had been expected.
Together with a S$40 million development charge, the price works out
to S$1,062 per square foot per plot ratio.
The price tag is believed to be the largest single transaction by land
price for a residential site.
It surpasses the S$638 million that fellow developer CapitaLand paid
for Gillman Heights at Depot Road earlier this year.
The site, off Farrer Road, currently houses the Leedon Heights
condominium.
It has a land area of approximately 48,525 square metres with a plot
ratio of 1.6, which can accommodate buildings of up to 12 storeys.
Provisional permission has been given for a 12-storey condominium with
384 residential units.
The acquisition still needs approval from the Strata Titles Board and
is expected to be completed by mid 2008.
Guocoland will finance this deal from internal resources and debt.
The property developer does not expect the deal to have any material
impact on the net tangible assets per share or earnings per share for
the current financial year ending June. - CNA/ms