Logistics Holdings said it will acquire Minton Court for $13.4 million to redevelop the site into a high-end cluster housing development. The acquisition cost works out to about $1,010 per square foot (psf) based on the land area of 13,271 sq ft. Both the cost of the acquisition and redevelopment will be financed by the group's internal funds and bank borrowings and are not expected to have a material impact on the group's financials for fiscal year ending June 30, 2013.

Source: The Business Times / Bloomberg / Straits Times