Dalvey Breeze Development, a subsidiary of KOP Limited and Low Keng Huat (Singapore) Development, has proposed to sell two units on the fourth floor of Dalvey Haus.
On Sept 7, Dalvey Breeze Development proposed to enter into a sale and purchase agreement (SPA) with Goi Lang Ling, Judith Goi Lang Peng and Goi Kok Ming for the sale of the two units.
All three were acting as trustees holding on trust for family members. All three purchasers are also immediate family members of Goi Seng Hui, a controlling shareholder of KOP. In addition, Judith Goi is a non-executive director of KOP Limited.
Accordingly, the proposed sale constitutes an interested person transaction (IPT). The sale will also be conditional upon the approval of KOP’s shareholders. The approval will be obtained at KOP’s next extraordinary general meeting (EGM), which is to be convened.
The sale consideration of the units, #04-07 and #04-08, is $11.7 million, payable in cash. The consideration stands around 7.41% lower than the market price set out in the valuation report as there is no agent commission incurred by the vendor. A bulk purchase discount was also extended to the purchasers, says KOP in its statement dated Sept 7.
Based on the group’s financial statements for the FY2022 ended March, the property has a net book value of $9.8 million. Based on the consideration, the company has gained some $1.9 million from the sale of the property.
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According to KOP, the proposed sale is in the “ordinary course of business” of Dalvey Breeze Development. The proceeds will be used as working capital for the latter and dividends to shareholders of Dalvey Breeze Development.
Dalvey Haus is a freehold condominium located along Dalvey Road in prime District 10, and set within the exclusive Dalvey Estate good class bungalow (GCB) enclave. Dalvey Haus is a redevelopment of the former Villa D’Este that KOP purchased en bloc for $93 million in May 2018.
As at 10.45am, shares in KOP are trading flat at 6.8 cents.
