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Metropolitan Parking to purchase carpark property at Golden Mile Tower

METROPOLITAN Parking (MPPL) has exercised an option to purchase a carpark property at Golden Mile Tower for a cash consideration of S$26 million. MPPL is a joint venture between LHN Parking (GMT) and GMTC Private Limited. Its principal activities include carpark management and operation services, as well as other business support services.

MPPL is required to pay a deposit amounting to 5 per cent of the purchase price; this will be satisfied by MPPL's internal resources - to be borne equally by its shareholders - and bank borrowings.