SINGAPORE (EDGEPROP) - Bideford House, a subsidiary of Singapore-listed Boustead Projects, has acquired the property at 28 and 30 Bideford Road from SC Aetas Holdings after the latter was placed under creditors’ voluntary liquidation.

The consideration amount for the property is $515 million, excluding tax, and will be funded via external bank financing as well as shareholders’ loans.

The property is an 18-storey freehold luxury mixed-use development occupying the 21,602 sq ft site of the former Thong Sia Building, off Orchard Road. It was put up for sale by marketing agents Knight Frank Singapore and Colliers last December at an indicative price of $600 million. Designed by Japanese architectural firm Nikken Sekkei, the building comprises 168 serviced residences (known as Orchard Hills Residences) and approximately 54,512 sq ft, of retail, office and medical space, spanning five storeys.

The consideration of $515 million was arrived at on the basis of a sale as part of the creditors’ voluntary winding up. Based on a valuation conducted by Savills Valuation and Professional Services on June 20, the property has a market value of $550 million.

Bideford House is a 50%-owned joint venture of BP-Real Estate Investment, which is, in turn, a wholly-owned subsidiary of Boustead Projects.

The shareholders of Bideford House are BP-Real Estate Investment, Roark Capital and Lim Cher Meng Realty, who own a respective stake of 50%, 25% and 25%. The shareholders are not related to one another. Roark Capital Ltd and Lim Cher Meng Realty are investment holding companies of private investors.

Boustead Projects intends to satisfy BP-Real Estate’s portion of the consideration through cash funded from its internal resources.

According to Boustead Projects in a June 24 filing to the Singapore Exchange, the acquisition will enable it to “expand and diversify its property portfolio, as well as increase its income streams through the ownership and management of the property”.

This article first appeared on The Edge Singapore

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