Hwa Hong buys 2 Jalan Besar commercial sites from CDL for $13.8m

SINGAPORE - Hwa Hong Corporation has acquired two commercial freehold plots in Jalan Besar from City Developments Limited (CDL) for $13.8 million in total.

The option to purchase was exercised by Hwa Hong's indirect wholly owned subsidiary Global Trade Investment Management (GTI) on Tuesday (June 26).

The two sites have a combined land area of about 300 sq m and are zoned "commercial" with a gross plot ratio of 3.0.

They are located close to City Square Mall and Little India, and within walking distance of Farrer Park and Jalan Besar MRT stations. The sites are also a short drive to the central business district.

JLL had on April 23 launched an expression of interest (EOI) exercise by inviting submissions for the purchase of the subject sites. Interested parties were invited to submit their expressions of interest to JLL in sealed envelopes on a confidential basis by the closing date of 3pm on May 30.