Lum Chang Holdings has announced that its wholly-owned subsidiary – Lum Chang Property Investments (LCPI) – is planning to purchase two properties in Singapore worth S$15.50 million.

Lum Chang said LCPI has exercised the options to acquire properties in Nos 12 and 14 Kung Chong Road for S$8 million and S$7.5 million, respectively. These properties have remaining leasehold tenures of about 43 years.

The acquisitions of the two properties, which have a combined land area of 32,000 sq ft, are expected to be completed by July and September this year. LCPI is planning to develop the properties for its own use.

The group said the cost of the acquisitions and redevelopment will be financed by bank borrowings and internal funds.

Kandy Bong
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