GDL Land, which is the wholly-owned subsidiary of Global Dragon, has been bought Kangtong Omega Apartments; an 18-unit freehold residential project located at 357 East Coast Road via en bloc sale.

The owners of the property have accepted the offer of $46.31 million from the former company - TMC Education Corporation in an SGX filing on Friday (6 Apr). The area of this project is 27.900 sq ft site has a lot ratio of 1.4 and the maximum height is five storeys, under the 2014 Master Plan.

Additionally, this company said that they will invest about $2.7 million to redevelop the property to the gross floor area of 3,991 sq ft, included 10 percent of balcony space, subject to authorities’ approval.

The internal resources and debt financing will be used for this proposed acquisition. It is not expected to have any material impact on Global Dragon’s net tangible assets and earnings per share for the financial year ending 30 June.