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PROPERTY developer Tuan Sing Holdings has signed an agreement to buy Sime Darby Centre in Bukit Timah for S$365 million.
In a Singapore Exchange filing on Monday morning, the group said it had signed the deal on April 7 to purchase the property, which is located at 896 Dunearn Road and sits on commercial land of 13,088.8 square metres that is part-freehold and part-999 years leasehold.
The group said it plans to reposition the property into a hub of activities in due time.
"The company believes that there is significant potential for commercial activities that can serve the needs of the vast residential community in the vicinity. Therefore the company is confident that the asset shall be an excellent investment that will generate long term revenue and profit to the company."
The property has an allowable gross plot ratio of 1.8 and a maximum permissable gross floor area of 23,559.8 sq m. It is currently about 96 per cent occupied over a net lettable area of about 18,832 sq m.
Tuan Sing said the deal will be financed by internal and external resources, and is not expected to have any material impact on its net tangible assets or earnings per share for the current financial year.