Selangor Dredging's associate firm buys land in Singapore for RM223.2m

PETALING JAYA: Selangor Dredging Bhd’s (SDB) 50% associate company, SDB International Sdn.Bhd will be acquiring a freehold land in Singapore for RM223.2 million (S$72 million).
In a filing with Bursa Malaysia, SDB’s board of directors announced the group has accepted the option to purchase the piece of land from the owners Tang Wee Houe and Seow Ai Ling to acquire the land measuring 17,442 sq ft which is located within a seven-storey apartment building known as 1 Draycott Park, Singapore 259385.
The acquisition will be funded by a combination of 30% internally generated funds and 70% bank borrowings by Chamspworth International Pvt Ltd, an associate company of SDB.
The decision to purchase the land was arrived at “after taking into consideration the potential for development of exclusive mid-rise apartments and the close proximity to Ardmore Park and Orchard Road”.
“The acquisition shall not have any effect on share capital, substantial shareholdings, earnings, gearing and net assets of SDB Group, as Chamspworth is an associate company of SDB,” the board said.