SINGAPORE (Nov 6): Top Global says wholly-owned subsidiary Holland V Investment is seeking to acquire a three-storey conservation commercial shophouse with attic around Chinatown for $26.5 million.

The group on Friday received acceptance for the Letter of Offer given to the vendor, Eu Realty (Singapore), for the purchase of the property at 273 and 275 South Bridge Road.

The property has a combined gross floor area of approximately 10,027 sqft with a tenure of 999 years.

The group says the purchase represents an opportunity for it to own strategically positioned commercial properties in the heart of Singapore’s Central Business District and Chinatown-Telok Ayer Conservation Area.

It intends to maximize the investment through asset enhancement by leasing the property to hostel operators under its 5Footway Founders group of subsidiaries.

The purchase will be funded by internal resources and bank loans.

Top Global says the purchase is not expected to have any material impact on its net tangible assets or earnings per share for the financial year ending Dec 31, 2017.

This story, by Stanislaus Jude Chan, first appeared on The Edge Singapore.