Goodland Group unit buys stake in buyer of Parkway Mansion

PROPERTY developer Goodland Group has, through a wholly owned subsidiary, subscribed for a stake in real estate consortium SL Capital (3) Pte Ltd (SLC3).

SLC3, a consortium led by Sustained Land Pte Ltd, just this week acquired Parkway Mansion in an en bloc deal. The freehold residential development along Amber Road was sold for S$146.99 million.

Goodland Group said its subsidiary, GLG Capital Pte Ltd, subscribed for 17 ordinary shares of S$1.00 each, which represents a 17 per cent equity stake in SL3.

Goodland Group said the deal will be funded through internal resources and is not expected to have any material impact on the net tangible assets and earnings per share of the company and the group for the current financial year ending Sep 30, 2018.