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Tee Land to buy six plots of land at Seraya Crescent for S$25.7m

TEE Land on Monday said it has entered into six option-to-purchase (OTP) agreements. Each OTP is to acquire the freehold interest in each of six plots of land located at Seraya Crescent in Singapore, for S$25.74 million altogether.

The six plots have a total land area of about 2,236 sq m. The plan is to build a block of residential apartments on the plots of land.

Tee Land said that the proposed acquisition is subject to legal due diligence, and is expected to be completed by January 2018.

It will be financed by internal funds and bank borrowings, and is not expected to have any material impact on the group's net tangible assets or earnings per share for the financial year ending May 31, 2018.

The stock closed 0.1 cent lower at S$0.188.