Singapore Land Group (SingLand) U06 has announced the sale of a residential development unit to Elaine Low, the wife of SingLand CEO Jonathan Eu.
On Dec 1, the company approved the proposed sale by its joint venture company, United Venture Development (Watten), of a unit in its Watten House project for a price of $7.7 million.
No discounts were given for the proposed sale.
Low will be making the purchase on behalf of a trust in which her son is a beneficiary.
SingLand says its audit and risk committee approved the sale after having reviewed and satisfied itself that the number and the terms of the proposed sale were fair, reasonable and not prejudicial to the interests of the company and its minority shareholders.
The company’s board of directors similarly conducted a review, from which Eu abstained, before granting its approval.
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Shares in SingLand closed 1 cent lower or 0.51% down at $1.95 on Dec 1.
