SuperBowl Holdings is selling two plots of land for more than twice the price it paid for them a year ago, with the sharp run-up in property prices.

SuperBowl Holdings is selling two plots of land for more than twice the price it paid for them a year ago, with the sharp run-up in property prices.

The owner and operator of recreational facilities including bowling centres and games arcades has agreed to sell two Balestier Road sites for $39.8 million.

It will book a gain of $21.2 million from the sale as the properties were bought for $17.75 million last year.

The two plots have been earmarked for the development of a 168-room hotel, comprising an 11-storey tower block on a two-storey podium block with a basement carpark and a swimming pool.

SuperBowl managing director Teo Ho Beng said: ‘Given the current property boom, the sale of these two properties is commercially beneficial and would result in a substantial gain for the group.’

The deal will boost SuperBowl’s financial results this year in terms of net tangible assets and earnings per share.

The sale proceeds can be used for future working capital, as well as acquiring land for hotel development.

The group owns commercial space at Orchard Towers, Orchard Plaza, SuperBowl Jurong, Parklane Shopping Mall, Balestier Point and Bukit Timah Plaza.

SuperBowl shares have had a super run this year, with gains of 281 per cent.

They closed up 2.5 cents at 49.5 cents yesterday.

Source: The Straits Times, 14 July 2007