The property will be acquired via BIF at a purchase consideration of $98.8 million, excluding any upfront land premium payable to JTC Corporation. The total cost of the acquisition is estimated to be $109.5 million, factoring in the estimated upfront land premium for the balance of the property’s first 30-year leasehold land tenure.
Metro Holdings and Boustead Projects, together with an independent institutional third-party, will jointly acquire J’Forte Building, an eight storey high-spec industrial property at 26 Tai Seng Street at a purchase price of $98.8 million.
On Jan 30, Boustead Industrial Fund (BIF) through its trustee Perpetual (Asia) executed a Put and Call Option Agreement (PCOA) with property vendor Suki Sushi. This will be BIF’s first acquisition in the open market. BIF’s sponsor is Boustead Projects and the manager is Boustead Industrial Fund Management.
