A joint venture comprising Heeton Holdings, KSH Holdings and Zap Piling has acquired a site at Whitley Road for S$31 million.
The 21,900 square feet site is zoned for two-storey mixed landed residential units.
The District 11 site – which is freehold – is currently occupied by a single-storey bungalow and leased out to a kindergarten.
According to a statement released by the group, the site has the potential to be redeveloped into a combination of landed homes such as terrace houses, semi-detached houses or bungalows.
“We feel that this latest acquisition has good potential, considering its flexibility to be redeveloped into mixed landed homes,” said Choo Chee Onn, executive chairman and managing director of KSH Holdings. “This should prove attractive to the market in view of relative scarcity of such developments, and the rising interest in such projects.”
Heeton and Zap Piling will each own 30 per centof the venture, while KSH Holdings will hold a 40 per cent stake.
The joint-venture partners said the acquisition is in line with efforts to strengthen their position in the mid-end private residential property market.
The three companies have previously joined hands to acquire and redevelop a site at MacPherson Green, which is slated for launch in the coming months.
“We are confident that our strong partnership will enable us to deliver a good quality project that will be well-received by the market,” said Danny Low, COO and executive director of Heeton.
Source : Channel NewsAsia – 2 Jul 2012