Catalist-listed Singapore eDevelopment (SeD) announced yesterday it has sold a further US$8.1 million (S$10.6 million) worth of subdivided residential lots in its US property project in recent weeks, taking total sales in the Texas land parcel to US$28.82 million (S$37.8 million).
The company has divided the 136-acre land parcel in Houston into 365 lots, instead of 398 lots as previously announced. To date, SeD had sold 221 lots at an average price of US$130,000 (S$174,000).
Following negotiations with municipal authorities, the company expects to be reimbursed for certain development costs like water and sewage infrastructure improvements and sales to the district.
It noted the Texas project is a significant part of its property division – particularly in the US where real estate is in a recovery phase – and is one of the two engines of corporate recovery for SeD, the second being IT and software development.
The group expects to complete the necessary infrastructure development and deliver the subdivided lots in phases. It will recognise revenue from the Texas limited partnership vehicle, Black Oak, over four years instead of three as previously announced, beginning from the financial year ending 31 December 2015.
Besides its U.S. projects, the SeD holds three waterfront residential sites in Western Australia, where it plans to develop seven units of waterfront bungalows and good-class townhouses for sale.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
