KSH, Lian Beng and Heeton acquire Geylang properties for $60 mil via jointly-owned subsidiary

SINGAPORE (Dec 11): Development 24, a property development and investment holding company owned by KSH Holdings, Lian Beng Group and Heeton Holdings, has exercised an option to purchase a group of freehold properties along Geylang Lorong 24 for a consideration of $60 million.

Development 24 is 48%-, 42%- and 10%-owned by KSH, Lian Beng, and Heeton, respectively.

Situated on a total of 12 lots of land, the properties comprise approximately 26,188 sq ft of land area which the group says can be redeveloped into an eight-storey residential development with a maximum allowable GFA of about 73,325 sq ft.

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