SingXpress has announced that it won the bid for a $21 million property project located at Balestier Road through a subsidiary.
The company plans to redevelop an existing block of 16 flats located at 235 Balestier Road, called Waldorf Mansions, into around 50 apartment units, it said.
The site has a permissible total gross floor area (GFA) for construction of 31,875 sq ft for residential use.
The initial funding of $7 million will come from equity and shareholders’ loans.
SingXpress said it will pay 90 percent of that amount, in proportion to its share in its subsidiary that won the bid, while the balance of the funding may come from shareholders’ loans.
While the date for the project’s completion has yet to be set, the company said it did not expect the acquisition to significantly affect the group’s earnings for the current financial year.