TEE Land to acquire Ley Choon's real estate unit for $11.5m

September 27, 2016

Ley Choon stated in an SGX filing that its subsidiary had entered into an SPA with Tee Land. (Photo: Jonathan Choe, Flickr.com)

Property developer Tee Land is acquiring the real estate subsidiary of Ley Choon Group Holdings, in line with the debt restructuring programme that Ley Choon is undertaking with its lenders.

In an SGX filing, Ley Choon revealed that its subsidiary, Ley Choon Constructions and Engineering Pte Ltd, has entered into a conditional sale and purchase agreement (SPA) with Tee Land for the sale of the entire issued and paid up capital of Ley Choon Development Pte Ltd (LCDPL).

Principally engaged in the business of real estate development and building construction, LCDPL owns a 12,930 sq ft land at 241 Pasir Panjang Road, Singapore.

Notably, Tee Land has agreed to acquire LCDPL’s over 8.7 million shares for S$11.5 million. Ley Choon said the acquisition price was decided upon a “willing buyer, willing buyer basis”, with the acquisition expected to take place by end-November.

The group expects to receive net proceeds of around S$9.93 million, which it intends to use to repay loans under the debt-restructuring plan.

More information on the acquisition can be found here.

 

Cheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories, email cheryl@propertyguru.com.sg

POST COMMENT

You may also like these articles

Big plans for Little India

In Little India, Hindu temples sit right next to modern condominiums. Gazetted as a conservation area in 1989, Little India retains much of its old-world charm, with many shophouses and religious m

Continue ReadingSeptember 23, 2016

Concrete sunshield outside Tampines HDB unit collapses

A concrete sunshield at a HDB block in Tampines collapsed on Sunday morning. The concrete sunshield on a HDB block along Tampines Street 23 that gave way on Sunday (25 September) has been removed a

Continue ReadingSeptember 26, 2016

Foreign factors benefit luxury home market in Singapore

Singapore's luxury home market is thriving thanks to factors in other countries, such as stamp duties in the UK. The tax amnesty in Indonesia may not be the only thing driving sales in Singapore’

Continue ReadingSeptember 26, 2016