On Nov 7, TEE Land announced that it is acquiring a freehold development at 35 Gilstead Road in an en bloc purchase at $72 million. The development sits on a land plot measuring approximately 37,972 sq ft.

The acquisition will be done through eleven option-to-purchase agreements. TEE Land intends to build a residential block on the property. The acquisition is slated to be completed by end-February 2018, subject to legal due diligence.

According to TEE Land, the property purchase will be financed by internal funds and bank loans. All sellers are independent and unrelated third parties.

35 Gilstead Road is located within walking distance of Newton MRT station and is within a 1km radius of Anglo-Chinese School (Primary).

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