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Nam Cheong Ltd Announces Acquisition Of Office Property

Sunday, 13 Oct 2013 07:29pm EDT 

Nam Cheong Ltd announced that its wholly-owned subsidiary, Nam Cheong Offshore Pte Ltd (NCO) has been granted an Option to Purchase (Option) from an unrelated party, Vista Realty Pte Ltd (the Seller), a private limited liability company incorporated in Singapore to acquire the office lots located at Unit #41-01, Unit #41- 02 and Unit #41-03 of 8 Temasek Boulevard, Suntec Tower Three, Singapore (collectively, the property) from the seller (the acquisition). The Option is granted to NCO and/or its nominee. The Company intends to incorporate a new subsidiary to be the registered owner of the Property. The Company will be making appropriate announcements in due course on the incorporation of the new subsidiary. The total purchase consideration for the Property is SGD30,291,000 which was arrived at on i) an arm’s length negotiations between NCO and the Seller, and ii) a ‘willing buyer willing-seller’ basis, taking into account of the current market conditions, location of the Property and property prices within the surrounding area. No valuation report on the Property has been commissioned by the Company for the purposes of the acquisition. The Group intends to fund the Consideration for the Acquisition through internal resources. 

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