TA Corp receives LOI from BA Shoppes for Ascent@456 units at $18 mil
By EdgeProp Singapore
/ EdgeProp Singapore |
BA Shoppes Pte Ltd, a third party has indicated its interest in purchasing the various commercial units in Ascent@456 on Balestier Road for $18 million (Photo: Delasa)
The board of directors at TA Corp announced on March 28 that the company had received a letter of intent (LOI) from BA Shoppes Pte Ltd, a third party that indicated its interest in purchasing the various commercial units in Ascent@456 at 456 Balestier Road for $18 million.
The sale of the Ascent@456 units is on an "as-is-where-is" basis, subject to existing tenancies.
A deposit representing 1% of the purchase consideration is placed with the LOI to demonstrate the buyer's interest and must be refunded if the condition is not satisfied by April 25. If the option to purchase (OTP) is granted, the buyer has up to four weeks to exercise the OTP and 14 weeks to complete the deal.
The completion of the disposal remains conditional on the shareholders' approval, which is to be obtained by the completion date.
A deposit of $468,700 was proposed as a demonstration of interest by SGUnited, which submitted an LOI to TA Corp for the purchase of units at New World Centre for $43 million (Photo: Delasa)
TA Corp also announced on March 10 that it received an LOI from SGUnited Capital to purchase various units at New World Centre for $43 million.
The LOI, dated March 8, proposed that the properties be sold on an "as-is-where-is" subject to existing tenancies where applicable. A Corp's subsidiaries, which are also tenants of the New World properties, will continue conducting business in the same properties after the sale.
A deposit of $468,700 was proposed as a demonstration of interest by SGUnited. The deposit must be refunded if the grant is not satisfied by April 8. If the OTPs are granted, SGUnited has until May 2 to exercise the options and complete the proposed disposal within 12 weeks of the exercise.
Completion of the proposed disposal is conditional on the approval of TA Corp's shareholders. Delasa is the appointed marketing consultant for TA Corp.
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