Nobel Design Holdings says its Urban Lofts has been won the tender to acquire the Glenville freehold land at 11 & 13 Lim Tua Tow Road for $39.51 million.

The site area is 43,335 sq ft and is adjacent to New Gardens, 7-9E Lim Tua Tow Road.

Urban Lofts is a Joint Venture company set up by Nobel Design, Aspen Development, A.C.T Holdings and individual Soh Chooi Lai for the development of the property at New Gardens.

The total cost of acquiring the properties at New Gardens and Glenville is $60.51 million and the total area is 72,958 sq ft. The land is intended for the development of a condominium on the combined site.

The acquisition of the land is funded by bank loans and internal funds.