Selangor Dredging Berhad (SDB), via its associated company Champsworth Development Pte Ltd, has acquired a parcel of property in District 10 Singapore. Located in Draycott Park, this parcel of prime freehold land is located off Stevens Road, minutes away from the shopping belts of Scotts Road and Orchard Road.
The parcel measures 17,442 square feet and currently houses a 7-storey apartment. It was purchased at SGD72 million (equivalent to RM223.2 million based on the current rate of SDG1:RM3.1). The purchase will be funded by internally generated funds and bank borrowings.
This is the seventh (7th) property SDB has purchased in Singapore. Just recently, in December 2016, SDB purchased a parcel of freehold land located on Serangoon Road, District 12, measuring 31,705 square feet. This parcel was purchased for SGD47 million (equivalent to RM146.9 million).
“We have successfully completed five projects in Singapore. These two additional parcels will result in SDB having a total of 7 property development projects in Singapore very soon,” said SDB managing director Teh Lip Kim.
“Our team will commence with development conceptualisation and planning in the immediate future, and we aim to launch both the projects within the first half of 2018,” she added.
SDB’s previous projects in Singapore were well received upon launch and all its condominium units had been sold.
In Malaysia, SDB, which began property development in 2004, has successfully launched 13 projects located throughout the Klang Valley and in Penang.
These include award winning developments such as Park Seven, 20trees, Five Stones and Dedaun within the Klang Valley, and By the Sea in Penang. The River Rehabilitation project carried out in Sungai Satu, adjacent to By The Sea, was awarded silver recognition in the recent international FIABCI Prix d’Excellence Awards.
SDB first purchased land for property development in Singapore in 2006 and its venture into the Singapore property market has proven fruitful. Property development projects in Singapore are Jia and Hijauan in District 9, Gilstead 2 in District 11, Okio in District 12 and Village in District 5.