Katong Omega Apartments, an 18-unit freehold residential project at 357 East Coast Road, has been sold to Global Dragon’s wholly-owned subsidiary GDL Land via an en bloc sale.
In an SGX filing on Friday (6 Apr), the company formerly known as TMC Education Corporation said their offer of $46.31 million was accepted by the owners of the property.
The firm intends to pay a development charge of around $2.7 million to redevelop the property to a gross floor area of 3,991 sq ft, inclusive of a 10 percent bonus balcony space, subject to authorities’ approval.
Under the 2014 Master Plan, the 27,900 sq ft site has a plot ratio of 1.4 and a maximum height of five storeys.
The proposed acquisition will be funded by internal resources and debt financing. It is not expected to have any material impact on Global Dragon’s net tangible assets and earnings per share for the financial year ending 30 June.
Source: Property Guru