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Wheelock Properties Singapore Ltd's Pinehill Investments Pte. Ltd Announces Tender Offer From Urban Redevelopment Authority

Thursday, 10 Jan 2013 05:24am EST 

Wheelock Properties Singapore Ltd announced that the Urban Redevelopment Authority has awarded to the Company‚Äôs wholly-owned subsidiary, Pinehill Investments Pte. Ltd., the tender for the land parcel at Ang Mo Kio Ave 2 (the Site) at a tender price of SGD550,000,048. The acquisition of the Site (the Acquisition) is in the ordinary course of business of the Company and its subsidiaries (the Group). The Site is a 99-year leasehold land. It has a site area of 198,942 sq. ft. with an allowable gross floor area of 696,302 sq. ft. The Site is located within the established Ang Mo Kio HDB residential estate. Under the terms of the tender, 25% of the tender price (less the tender deposit) shall be paid within 28 days of the date of acceptance of the tender. The balance of the tender price is payable within 90 days of the date of acceptance of the tender. The Acquisition will be financed by internal funds and bank borrowings. 

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17 Sep 2014