A joint venture set-up by a unit of Tiong Seng Holdings has exercised an option to purchase two freehold residential sites in prime District 10 for a total of S$21 million, revealed an SGX filing on Monday (17 July).
With a combined area of about 1,246.3 sqm (approx. 13,415 sq ft), the sites at TS24-245L and TS24-246C in Jervois Road have a gross plot ratio of 1.4.
The purchase option was exercised by TSky Development Pte Ltd, a joint venture between Tiong Seng’s wholly-owned unit Yuan Ching Development Pte Ltd (YCDPL) and Arctic Sky Investment Pte Ltd. The latter holds a 40 percent stake in the JV and is fully controlled by Ocean Sky International Limited.
The acquisition will be funded by TSky’s internal resources and by bank loans.
The proposed acquisition is also expected to add to the existing property development portfolio of Tiong Seng, which is engaged in building construction, civil engineering and property development.
As of 9am today (18 July), the price of the company’s shares edged up by 1.59 percent to 32 SGD cents.
This article was edited by Denise Djong.