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TA Corp receives LOI for New World Centre units for consideration of $43 mil

By Felicia Tan,

The Edge Singapore

/ EdgeProp Singapore |

March 10, 2024 2:05 AM SGT

The LOI was sent on March 8 and acknowledged by TA Corp on the same day.

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On March 10, TA Corporation announced that it received a letter of intent (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. This means that TA Corp’s subsidiaries, which are also presently tenants of the New World properties, will continue to conduct their business in the same properties after the sale.

The LOI also requested that the grant of the options to purchase (OTPs) requires a waiver from the Singapore Exchange S68 -0.21% Regulation (SGX RegCo) or, in lieu thereof, approval from TA Corp’s shareholders.

Read also: TA Corp receives LOI from BA Shoppes for Ascent@456 units at $18 mil

In addition, a deposit of $468,700 is proposed to be placed with the LOI to demonstrate SGUnited’s interest. The deposit has to be refunded if the grant is not satisfied by April 8. If the OTPs are granted, SGUnited has up to May 2 to exercise the options and complete the proposed disposal within 12 weeks from the exercise.

The completion of the proposed disposal is conditional upon the approval of TA Corp’s shareholders.

The LOI was acknowledged by TA Corp on March 8 as well. According to the filing on March 10, the proposed disposal is likely to constitute a “major transaction” under the Singapore Exchange (SGX) listing rules.

Shares in TA Corp closed flat at 7.3 cents on March 8.

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