TEE Land intends to redevelop the site into a new residential project.
Boutique developer TEE Land is set to acquire Teck Guan Ville condo in Upper East Coast Road for $60 million.
In an SGX filing, the company revealed that it has entered into an option to purchase agreement to acquire the freehold site at 338 to 364 Upper East Coast Road. It noted that the sellers are “independent and unrelated third parties”.
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TEE Land intends to build a residential development on the 3,928.8 sq m site.
“The proposed acquisition is subject to due diligence and is expected to be completed by November 2018,” it said.
TEE Land does not expect the acquisition, which will be financed by bank borrowings and internal funds, to materially affect the net tangible assets or earnings per share of the group for the financial year ending 31 May 2019.
With this, the company said it will “keep shareholders informed on further developments of the proposed acquisition as and when appropriate”.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com