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PR Newswire
25-03-2018, 04:30 PM
Proposed Disposal of 112 Lavender Street Singapore 338728
The company has, on 23 March 2018, issued a conditional option to purchase agreement to Chang Hua Construction Pte Ltd (the “Purchaser”), an independent and unrelated third party, to grant an option to the Purchaser for the sale of the property situated at 112 Lavender Street Singapore 338728 (the "Property").
The Property is a four-storey building situated at 112 Lavender Street, Singapore 338728 and occupies a land area of approximately 1,936 square metres. The Property is a freehold estate and it serves as the regional headquarters of the Group’s operations. The Property has a net book value of S$4.2 million as at 31 December 2017
The aggregate sale consideration for the Proposed Disposal excluding GST is S$27,000,000. The Consideration was arrived at based on arm’s length negotiations and on a willing-buyer and willing-seller basis, after taking into account, inter alia, prevailing market conditions and the current market prices of the properties in the surrounding vicinity of the Property
The net proceeds from the Proposed Disposal of approximately S$26.2 million, after deducting related fees and expenses of approximately S$0.8 million, will be utilised for working capital, business expansion and future investment opportunities.
Assuming that the Proposed Disposal was completed on 31 December 2017, the gain on the Proposed Disposal or the excess of the Net Proceeds over the book value of the Property as at 31 December 2017 would be approximately S$22.0 million.
More details in http://infopub.sgx.com/FileOpen/Proposed...eID=494077
The company has, on 23 March 2018, issued a conditional option to purchase agreement to Chang Hua Construction Pte Ltd (the “Purchaser”), an independent and unrelated third party, to grant an option to the Purchaser for the sale of the property situated at 112 Lavender Street Singapore 338728 (the "Property").
The Property is a four-storey building situated at 112 Lavender Street, Singapore 338728 and occupies a land area of approximately 1,936 square metres. The Property is a freehold estate and it serves as the regional headquarters of the Group’s operations. The Property has a net book value of S$4.2 million as at 31 December 2017
The aggregate sale consideration for the Proposed Disposal excluding GST is S$27,000,000. The Consideration was arrived at based on arm’s length negotiations and on a willing-buyer and willing-seller basis, after taking into account, inter alia, prevailing market conditions and the current market prices of the properties in the surrounding vicinity of the Property
The net proceeds from the Proposed Disposal of approximately S$26.2 million, after deducting related fees and expenses of approximately S$0.8 million, will be utilised for working capital, business expansion and future investment opportunities.
Assuming that the Proposed Disposal was completed on 31 December 2017, the gain on the Proposed Disposal or the excess of the Net Proceeds over the book value of the Property as at 31 December 2017 would be approximately S$22.0 million.
More details in http://infopub.sgx.com/FileOpen/Proposed...eID=494077
Specuvestor: Asset - Business - Structure.