Heeton sells iLiv@Grange en-bloc

By Tan Chee Yuen / Heeton Holdings | October 6, 2016 4:35 PM SGT
Heeton Holdings has disposed its entire shareholding interest in Heeton Residence Pte Ltd to a group of Singaporean private investors. The disposal was made via a sale of all of the one million ordinary shares in the capital of Heeton Residence to these private individuals.
Heeton Residence is the sole shareholder of Heeton Realty Pte Ltd, which owns iLiv@Grange at 74 Grange Road. The deal values the property at $95 million, which works out to $1,623 psf based on the total strata area of 58,534 sq ft.
The consideration for the disposal comprised a nominal amount of $4 for the purchase of all one million ordinary shares in Heeton Residence and $21 million for the transfer of the shareholder's loan owing from Heeton Residence to the listed Heeton Holdings.
On completion, the buyers paid $4 for the sale shares and $4 million for the subscription of junior notes in Heeton Residence which was used to partially discharge the consideration with the balance of S$17 million to be paid in in a year's time on Sept 30, 2017.
The remaining sum of $74 million would appear to be bank borrowings in Heeton Residence that will be taken over by its new shareholders.
Upon completion of the deal on September 30, Heeton Residence and Heeton Realty have ceased to be subsidiaries of the company.