How Sun Park, a freehold three-storey development comprising 20 units, has been sold for $81.09 million to a SingHaiyi Group subsidiary, SingHaiyi Huajiang Amber Pte. Ltd.
The property has a site area of around 5,104.3 sq m and a gross plot ratio of 1.4.
Inclusive of an estimated development charge of $2.92 million, the price works out to $1,092 psf per plot ratio. With this, owners will receive around $4.05 million for each unit, which is more than double the amount they would have received had they individually sold their units in the market, reported Business Times.
In an SGX filing, SingHaiyi revealed that SingHaiyi Huajiang Amber is a 50:50 joint venture between Corporate Bridge, a fully-owned unit of the company, and Huajiang Properties II, which is an entity controlled by Gordon Tang and Celine Tang. The two are the controlling shareholders and directors of the company.
It noted that the acquisition will be funded by bank borrowings and internal resources.
SingHaiyi does not expect the acquisition to materially affect its consolidated net tangible assets per share and consolidated earnings per share for the financial year ending 31 March 2018.
This article was edited by Keshia Faculin.