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Development 24, a joint-venture company owned by KSH Holdings (48%), Lian Beng Group (42%) and Heeton Holdings (10%), has completed the acquisition of the odd-number properties at 31 to 51 Geylang Lorong 24, the JV partners announced on March 5. The purchase consideration is $60 million for the freehold properties, which have a combined land area of 26,178 sq ft. The JV partners intend to develop a block of eight-storey residential flats, with about 110 units, a sky garden, swimming pool and multistorey car park, subject to obtaining all the necessary approvals from the relevant authorities. No further payments of development charges are expected for the proposed development. Singapore ranked fifth on Knight Frank’s City Wealth Index
Singapore is the highest-ranking Asian city and the only one in the top five of Knight Frank’s new City Wealth Index, released on March 7 by the global property consultancy as part of The Wealth Report 2018.
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