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ValueMax to acquire Waterloo Street properties for S$11m
VALUEMAX Group's wholly owned subsidiary, ValueMax Properties, has entered into an option agreement with mainboard-listed Tye Soon to purchase properties located at 261 Waterloo Street for S$11 million.
The properties have an 83-year lease granted by the Housing & Development Board, commencing July 1, 1994.
They have a total floor area of about 708 square metres and are currently used as a retail outlet and storage facility for automotive parts by Tye Soon.
Under the proposed deal, entered into on Tuesday, Tye Soon will have three months from that day to sell the properties to ValueMax Properties, subject to Tye Soon getting all the relevant approvals.
The S$11 million will be funded by internal resources of the group and bank borrowings, said ValueMax Group.
It added that currently, the various administrative functions carried out by the group's head office are located at three different sites.
"The acquisition will enable the group to consolidate its administrative functions into one location, thereby increasing operational efficiency. The acquisition will also enable the group to run its gold trading and moneylending businesses at a more central location," it said.