TEE Land has acquired options to purchase all the 11 units at the freehold Casa Contendere condominium at 35 Gilstead Road in District 11 near Newton MRT station for a total of $72 million.
“The sellers are independent and unrelated third parties,” it stated in a recent SGX filing.
According to the Business Times, the purchase price translates to $1,638 psf per plot ratio (ppr) and includes a development charge of $15.1 million to intensify the use of the land measuring 3,527.7 sq m.
The company intends to redevelop the property built in 1986, into a block of apartments.
The proposed transaction will be funded by a mix of internal resources and bank loans. It is also not expected to have any material impact on TEE Land’s net tangible assets or earnings per share for the financial year ending 31 May 2018.
The real estate developer added that “the proposed acquisition is subject to legal due diligence and is expected to be completed by end February 2018.”
This article was edited by Keshia Faculin.