Sing Holdings sells SHR stake to S'pore entity

Move avoids hefty qualifying certificate charges on unsold Robin Residences units, additional buyer's stamp duty and new stamp duty which came into effect on March 11

Published Sun, Mar 12, 2017 · 09:50 PM

Singapore

PROPERTY development and investment company Sing Holdings Limited sold 100 per cent of its stake in Sing Holdings (Robin) (SHR) last Friday to a Singapore entity not related to the company, its directors and controlling shareholders, allowing it to avoid not only hefty qualifying certificate (QC) charges on unsold homes and additional buyer's stamp duty (ABSD), but also a new stamp duty which came into effect the next day, on March 11.

The consideration was arrived at on a willing buyer, willing seller basis, taking into account the agreed property value of S$72.7million for 29 strata units in Robin Residences located at Robin Drive, a freehold condominium developed by SHR.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes