SingHaiyi submits winning bid of $81.1 mil in en bloc purchase of How Sun Park
By EdgeProp Singapore / The Edge Singapore | November 29, 2017 12:07 PM SGT
SINGAPORE (Nov 28): SingHaiyi Group has emerged as the winning buyer in the collective purchase for the property at How Sun Park, a freehold property with a site area of 5,104.3 sqm.
The winning bid of $81.1 million was submitted by SingHaiyi Huajiang Amber, a subsidiary of SingHaiyi, was duly accepted by the owners of the property on Tuesday.
SingHaiyi Huajiang Amber is a 50-50 joint venture between Corporate Bridge, a wholly-owned subsidiary of the company, and Huajiang Properties II, an entity controlled by Gordon and Celine Tang, controlling shareholders and directors of SingHaiyi.
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SingHaiyi believes the joint venture is beneficial as it provides the company with the opportunity to acquire a land site within an established residential area and will allow the group to expand its development portfolio in Singapore.
To redevelop the site to a gross plot ratio of 1.4, SingHaiyi Huajiang Amber will pay an additional development charge of about $3 million.
The acquisition will be funded by internal resources and bank borrowings, says SingHaiyi Huajiang Amber.
Shares in SingHaiyi closed at 12 cents on Tuesday.
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