Singapore-listed Aspial Corporation Ltd’s subsidiary World Class Development (North) Pte Ltd has sold a unit in The Hillford (pictured) for $1.55 million, which includes a discount of $52,937.
In a filing to the Singapore Exchange (SGX), the company said the unit was purchased by 8G Investment Pte Ltd, which is partly owned by Koh Wee Seng, a Director and significant shareholder of Aspial Corporation.
“The sale price is similar to those offered to third party purchasers less a discount which is equivalent to sale commission payable to property agent and no special or preferential terms were accorded to the aforesaid purchaser for the purchase of the unit,” it said.
“In compliance with Rule 912 of the listing manual, the terms of the above transaction have been reviewed and approved by the Audit Committee and the Board of Directors of the company, with Koh Wee Seng abstaining.” Apart from being fair and reasonable, both aforementioned parties believe the sale was not prejudicial to the interests of Aspial Corporation and its minority shareholders.
Touted as Singapore’s first retirement resort, The Hillford along Jalan Jurong Kechil comprises 281 residential units and 18 commercial units.