The JV on April 8 completed the collective purchase of an existing residential property for $26.5 million. The property, at 8, Lorong 25A Geylang Road, sits on a freehold site of 11,429 sq ft and is zoned for residential or institutional use with a gross plot ratio of 2.8 and an allowable height of up to eight storeys, under the URA 2019 Masterplan.
Neo Kah Kiat, founder and CEO of caterer Neo Group, and his wife Liew Oi Peng have taken a stake of 8.21% in Boldtek in a married deal. Neo Group, which is being privatised by Neo, is in a property JV with Boldtek, which is in construction and property development.
Neo and Liew, via a vehicle called Twinkle Investment, acquired nearly 15.3 million Boldtek shares for some $1.2 million, which works out to an average of eight cents per share, according to a filing by Boldtek on April 6. The identity of the seller was not disclosed in the same filing.
