Hiap Hoe Hldgs buys all units at Treasure on Balmoral

Singapore

HIAP Hoe Group is selling all 48 units in its District 10 project, Treasure on Balmoral, to avoid paying further extension fees under the qualifying certificate (QC) rules.

It disclosed on Monday that its controlling shareholder, Hiap Hoe Holdings (the investment firm of the founding Teo family), has entered into an agreement to acquire all the shares in Hiap Hoe SuperBowl JV Pte Ltd, which owns the properties, for S$72.83 million after accounting for shareholder loans and other liabilities. This is based on a market value of S$185 million or S$1,789 per square foot (psf) for the 103,439 sq ft project. Hiap Hoe SuperBowl JV is owned by Hiap Hoe Group and its subsidiary SuperBowl Holdings.