Mainboard-listed Tuan Sing Holdings has, through its wholly-owned subsidiary Gerbera, been awarded a private tender for a freehold site on 870 Dunearn Road on Aug 18 for a purchase price of $56 million.
The site occupies a land area of 17,140 sq ft and is located at the junction between Dunearn Road and Yarwood Avenue and directly opposite King Albert Park MRT station. The property shares the same boundary as Link@896, a mix-used office and retail building, which the group acquired in 2017.
The legal completion of the sale and purchase of the property is expected to take place within nine months once the tender offer is accepted.
The acquisition will be funded via internal funds and, or bank borrowings.
See also: Tuan Sing sells 13% stake in Gultech China at RMB3.35 bil valuation, mulling IPO
In a statement on the evening of Aug 18, the group says it is “not averse” to options and opportunities to divest, streamline, restructure and, or recognise its non-real estate investments and business.
“Combined together, these two properties will result in an enlarged site that will yield a regular-shaped land parcel ideal for more efficiency planning with wider frontage and improved visibility along Dunearn Road and Bukit Timah Road,” says William Liem, Chief Executive Officer of Tuan Sing.
Shares in Tuan Sing closed at 53 cents on Aug 18.
Photo: Tuan Sing
