The developer intends to build a residential block on the land.
Tee Land has entered into six option-to-purchase (OTP) agreements to acquire the freehold interest in six plots of land at Seraya Crescent in Upper Thomson for $25.74 million.
The company intends to build a residential block on the land, which has a total area of about 24,069 sq ft.
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With the purchase price arrived at a willing-buyer-willing-seller basis, Tee Land revealed that the proposed acquisition will be “financed by internal funds and bank borrowings, and is not expected to have any material impact on the group’s net tangible assets or earnings per share for the financial year ending 31 May 2018”.
Set to be completed in January 2018, the proposed acquisition is subject to due diligence, it said.
“The company will keep shareholders informed on further developments of the proposed acquisition as and when appropriate,” it added.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
