The purchase consideration of $11 million was arrived at on a willing buyer, willing seller basis. A total deposit of $1.1 million, or 10% of the purchase consideration was paid upon the exercise of the option. $110,000 was paid to the vendors, and $990,000 to the vendor’s solicitors to be held by them pending the completion of the acquisition.
Kimly Limited’s wholly-owned subsidiary, Choh Dee Food House purchases coffee shop property at 110 Yishun Ring Road $01-401 for $11 million.
The coffee shop was purchased from the vendors Chan Siew Wah, Chan Chee Wah (in his personal capacity and in his capacity as administrator of the Estate of Chow Poh Kheng and as executor of the Estate of Chan Ngoh Koon) and Chue Fong Oi (in her capacity as administratrix of the Estate of Chan Choong Wah).
