Tiong Seng: Announced it has successfully bid for the land-use rights of an 85,510 sqm residential site in Suzhou, for Rmb382m or S$71.5m. Plans to to develop high-end, low-rise properties and luxury condos on the plot, which has a 70-yr tenure. With a land area of 8.5 ha, project is expected to yield up to 880 residential units when complete.
CEO believe that the increasing rate of urbanisation will likely fuel long-term demand for quality housing in China, and will cont to focus on property development opportunities in various 2nd and 3rd-tier cities in the PRC such as Tianjin and Suzhou.
Co. will make further announcement upon the signing of the land–use right transfer agreement. Devt will be funded by internal resources and bank borrowings and is not expected to have any material effect on EPS and NTA for FY11.
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