SINGAPORE (Dec 11): Development 24, a property development and investment holding company owned by KSH Holdings, Lian Beng Group and Heeton Holdings, has exercised an option to purchase a group of freehold properties along Geylang Lorong 24 for a consideration of $60 million.

Development 24 is 48%-, 42%- and 10%-owned by KSH, Lian Beng, and Heeton, respectively.

Situated on a total of 12 lots of land, the properties comprise approximately 26,188 sq ft of land area which the group says can be redeveloped into an eight-storey residential development with a maximum allowable GFA of about 73,325 sq ft.

Development 24 has paid $6 million of the consideration sum with the exercise of the option. The remaining $54 million will be paid within 12 weeks.

In separate filings to SGX on Monday, KSH, Lian Beng, and Heeton say their shares of the funds will be financed internally and by external borrowings.

The transaction is not expected to have any material impact on the groups' NTA and EPS for the current financial year.

Ko Chuan Aun, an independent director of KSH, is also an independent director and shareholder of Lian Beng Group.

Shares in KSH, Lian Beng and Heeton closed at 76 cents, 70 cents and 56 cents respectively.