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Perennial, Chesham sign sale and purchase agreement for Capitol buy-out; deal to be completed on May 8

THE sale and purchase agreement has been signed for Perennial Real Estate Holdings' consolidation of its interest in the iconic Capitol Singapore project.

The property's two co-owners - mainboard-listed Perennial and Chesham Properties, a Pontiac Land Group affiliate - inked the deal on Tuesday, with the completion of the acquisition set for May 8.

The signing of the agreement came one day after the news that Chesham has decided to sell its half-stake in the iconic heritage site.

Perennial will pay roughly S$528 million in a deal to take over the landmark mixed development at the junction of North Bridge Road and Stamford Road.

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The two parties had been deadlocked in a years-long business disagreement over the Capitol project, with observers noting that the property's performance has suffered as a result.

The sale and purchase agreement can be inspected during normal business hours at Perennial's office at 8, Shenton Way, #36-01.

Perennial said in its announcement on the Singapore Exchange website that the agreement will be available for inspection for three months.

The company added that it will make the necessary announcements when there are further material developments on this matter.

Perennial closed up on Tuesday by S$0.01, or 1.16 per cent, at S$0.87.