Cortina Holdings says it has exercised the option for the acquisition of the fourth floor of 15 Scotts Road on Oct 13.
Cortina, on Oct 4, announced that it was granted the option to buy the entire fourth floor of 15 Scotts Road. Spread across 13 units, the size of the property measures 1,276 sqm (13734.75 sq ft).
The second payment of $1.96 million has also been paid.
The acquisition is slated to be completed on Dec 1.
In the bourse filing, Cortina noted that the market value of the property is $49 million, which is equivalent to the purchase price. The value was derived from the valuation report issued by Edmund Tie & Company dated Oct 11. The report was commissioned by Cortina.
Shares in Cortina closed flat at $3.76 on Oct 13.
