SINGAPORE:Property group Tuan Sing Holdings is purchasing Sime Darby Centre for $365 million.Located at 896 Dunearn Road, the property sits on a part freehold and part 999 years leasehold commercial land of 140,886 sf.
It has an allowable gross plot ratio of 1.8 and a maximum permissible gross floor area of 253,595 sf.Currently, the property is about 96% occupied over a net lettable area of 202,712 sf.
Wholly-owned subsidiary, Gerbera Land on Friday signed the purchase agreement with Sime Darby Property (Dunearn) to purchase the property.
A sum of $1 million has been paid towards the deposit with the balance deposit of 10% of the consideration sum less $1 million to be paid within 10 business days of the date of signing of the agreement.
The transaction is expected to be completed within 10 weeks from April 7.The transaction will be financed by internal and external resources and is not expected to have any material impact on the net tangible assets or earnings per share of Tuan Sing for the FY ending Dec.
None of the directors or the controlling shareholder of the group has any interest, direct or indirect, in the transaction, it adds.Tuan Sing shares closed at 34 cents.
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