Singapore-listed CCM Group has acquired five of seven available land parcels in a 136-acre development in the US city of Houston, and has received letters of intent from US developers to acquire 285 lots amounting to about US$28.5 million.
Each lot measures around 6,900 sq ft and the developers are looking to build single-family homes there. The land will be developed progressively.
The construction and property firm is confident of securing the remaining two land parcels before seeking bank financing for the entire project and commencing an engineering study to sub-divide the land into 545 lots, subject to approval from local authorities.
Joseph Liew, Group Chairman and CEO said, “The overwhelming pre-sale interest for more than half the total number of plots underscores the appeal of the project in Houston, where there is job and economic recovery from growth of the energy sector.”
A subsidiary of CCM has invested US$4.3 million for a 60 percent stake in a limited partnership in Texas that is buying the plots.
Development works on the 285 lots is expected to be completed by Q4 this year.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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