Tuan Sing Holdings

[Boon]

PUrchase of Sime Darby Centre, Singapore for S$365 million

Tuan Sing Holdings Limited announced that its wholly-owned subsidiary, Gerbera Land Pte. Ltd., has on Friday, 7th April 2017 signed a Property Purchase Agreement with Sime Darby Property (Dunearn) Private Limited to purchase Sime Darby Centre located at 896 Dunearn Road, Singapore. The cash consideration payable is S$365 million. A sum of S$1 million has been paid towards the deposit (with the balance deposit of 10% of the consideration sum less S$1 million to be paid within 10 business days of the date of signing of the Property Purchase Agreement), and the Transaction is expected to be completed within ten weeks from the said 7th April 2017.

The Property sits on a part freehold and part 999 years leasehold commercial land of 13,088.8 sq m (140,886 sq ft) with an allowable gross plot ratio of 1.8 and a maximum permissible gross floor area of 23,559.8 sq m (253,595 sq ft). Currently, the Property is about 96% occupied over a net lettable area of  pproximately 18,832 sq m (202,712 sq ft).

Purchase price = SGD 365 m
Cash level as at 31 Dec 2016 = SGD 164 m
Looks like gearing is going to go back up again………………….
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