Singapore eDevelopment sells 35% of land development project in Texas

SINGAPORE - Property developer and technology firm Singapore eDevelopment (SeD) has sold 35 per cent - or 140 lots - of its land development project in Texas for $25.9 million.

The firm said in a statement on Tuesday that CCM Black Oak, a 60 per cent-owned subsidiary, has received a deposit of US$800,000 for the 140 lots. The sale price translates to an average price of US$148,000 each.

CCM Black Oak has also bought seven parcels in a 136-acre development in Texas. It has sub-divided the plots into 398 lots, which are expected to be delivered in phases.

Apart from Texas, the property firm also bought three waterfront residential plots in Mandurah City, Western Australia. It plans to develop seven bungalows and good class townhouses there.

Separately, SeD has inked an agreement to buy CloudTel, a telecom hardware and software developer.

"SeD has outlined a clear strategy propelled by two engines of growth," said Mr Chan Heng Fai, executive director and chief executive of the firm.

"The strong sales of land lots in the Texas project - merely a few months after our acquisition of the land parcel - validate the investment as well as the management and execution capabilities."