Goodland Group has entered into a sale and purchase agreement to acquire four freehold double-storey shophouses located on Serangoon Road for $16 million.

The acquisition of the properties, located at 11375, 11377, 1379 and 13811 Serangoon Road, will be subject to approvals from the relevant authorities.

In its filing to SGX on June 8, Goodland Group says it intends to redevelop the land on which the properties are situated.

The acquisition will be funded through internal resources and/or bank borrowings of the group. It is not expected to have any material impact on Goodland Group’s net tangible assets and earnings per share for the FY2021 ending September. 

Shares in Goodland Group closed 0.2 cents or 1.4% lower at 13.7 cents on June 9.

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Photo: Goodland Group