Popular Holdings - better known for its book stores and publishing arms - said yesterday that it has bought 10 residential units at 18 Shelford Road for $27.2 million.
The deal took into account various commercial factors including redevelopment potential and location, Popular said in a statement.
Colliers International Consultancy & Valuation (Singapore) had pegged the open market value of the property at $27.3 million, it said.
Popular will finance the purchase and proposed redevelopment internally and and through bank borrowings. ‘While retail, distribution and publishing will remain the group’s main business focus, property development will be a potential area of growth that the group is looking into, to capitalise on the potential and promising returns of the current property market,’ it said in its statement.
Earlier, Popular bought eight residential units with a total land area of 15,070 sq ft at 1 Robin Road, Seng Mansion.
For the three months ended Oct 31, 2006, Popular reported a 9.4 per cent rise in net profit to $1.2 million. Turnover was up 6.4 per cent to $90.8 million.
Source: The Business Times, 10 April 2007
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