Property developer Goodland Group has bought industrial properties located on Kim Chuan Drive for S$18.9 million through its Goodland Citrine unit, it said on Thursday.

The acquisition was executed by exercising an option to purchase. The company plans to redevelop the freehold properties, which are located within the Tai Seng Industrial Estate. The properties have an aggregate land area of about 1,415.3 sq m, hold a "Business 2" zoning, and have a maximum permissible gross plot ratio of 2.5.

Shares of Goodland last traded at S$0.245.

Adapted from The Business Times, 24 Dec 2018.