BUILDER and power group YTL Corp Bhd has won a tender to buy 50 condominiums en bloc in Singapore for S$435 million (RM1.01 billion) cash.
The purchase of the Westwood Apartments condominium on Singapore's Orchard Boulevard is the largest residential collective sale since the new enbloc law came into force on October 4.
En bloc or collective sales for condominiums refers to a property developer buying all the units of a condominium to re-develop it, usually by demolishing the existing units.
Group managing director Tan Sri Dr Francis Yeoh Sock Ping said the deal allows the group to diversify its landbank in Singapore and earn more from high sale and rental rates.
The group will use its existing local market knowledge, expertise and resources from its high-end Lakefront and Sandy Island residential development projects in Sentosa Cove, Singapore.
"This acquisition, our third land acquisition in Singapore in the last two years, is also in line with our wider strategy of focusing on upscale real estate in well-established markets, which enables us to employ our branding to enhance the value of these properties," Yeoh said in a statement yesterday.
He said Southeast Asia has largely untapped potential to become the Mediterranean or Caribbean of the East.
By New Straits Times
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