SingHaiyi buys California condo project for US$33m
This is its second distressed purchase after Tri-County Mall in Cincinnati, Ohio
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LESS than two months after buying a major mall in downtown Cincinnati, Singapore-based SingHaiyi Group has made a second purchase of a distressed property in the United States.
The Catalist-listed property group said yesterday that it has acquired the full equity stake of Vietnam Town, a partially completed commercial condominium development project in San Jose, California, for US$33.05 million.
This comes after its acquisition of Tri-County Mall in Cincinnati, Ohio, for US$45 million in September. That acquisition at a court-ordered auction was free of debt and encumbrances and SingHaiyi said that it was at a 77 per cent discount to the unaudited net book value.
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