Tiong Seng, Ocean Sky clarify proposed acquisition of Sloane Court Hotel, Balmoral site

BUILDING construction and civil engineering groups Tiong Seng Holdings and Ocean Sky International on Tuesday issued a clarification on their proposed acquisition of Sloane Court Hotel and an adjoining site in Balmoral Road for S$80.5 million.

Both companies said that the proposed acquisition - which was announced on Monday - is only in respect of the properties and land within the subject sites, which are 17 Balmoral Road (Lot 138C of Town Subdivision 26) and Lot 99899P of Town Subdivision 26.

In separate filings to Singapore Exchange, Tiong Seng and Ocean Sky said: "The proposed acquisition (including the agreement in relation thereto) does not cover or affect the business of the vendors of the subject sites or any goodwill that the vendors might have in the name of the hotel or other business of the vendors."

On Monday, Tiong Seng and Ocean Sky announced that they have formed a joint venture, TSky Development, to buy the two sites and redevelop them into a 12-storey condominium comprising about 80 units.