http://www.businesstimes.com.sg/sub/...56740,00.html?
Published December 24, 2011
Pollux buys Geylang Road property for $25m
By CONRAD TAN
POLLUX Properties has bought a property at Geylang Road for $25 million, citing its potential for redevelopment.
Pollux said that its indirect, wholly owned subsidiary, Pollux Treasures, had exercised an option to acquire the property at 345 Geylang Road, comprising a plot of freehold land with an area of 1,350.2 square metres, and a commercial-cum-residential building on the land. The acquisition is scheduled to be completed in 12 weeks, Pollux said.
The property has a maximum plot ratio of three for commercial development and 2.8 for residential development, and is currently zoned as 'part commercial/part residential/institution', Pollux said. The group plans to redevelop the property, subject to approvals from the relevant authorities, it added.
Pollux paid $250,000 to the property's current owner, Geylang 21 Pte Ltd, upon the grant of the option, and a further $1 million on exercising the option as a deposit. The remaining $23.75 million of the purchase price must be paid by March 15, 2012.
Pollux said that it intends to finance the acquisition through a mix of its own cash and bank loans. It plans to tap external sources of funding to finance the cost of redeveloping the property, subject to market conditions.
Reply With Quote
