Tiong Seng, Ocean Sky unit to buy Sloane Court Hotel

TSKY Development has entered into a deal last Friday to buy Sloane Court Hotel and lot 99899P of town sub division 26 for S$80.5 million.

In a filing with the Singapore Exchange on Monday morning, Ocean Sky International, which holds a 40 per cent stake in TSky Development through the former's wholly owned subsidiary Arctic Sky Investment, said the proposed acquisition is conditional upon the approval of the shareholders of the vendors of the sites.

Tiong Seng Holdings, through its wholly owned subsidiary Yuan Ching Development Pte Ltd, holds the other 60 per cent interest in TSky.

Sloane Court Hotel is located at 17 Balmoral Road - prime district 10 - and has a combined site area of about 3,617.9 square metres (about 38,943 square feet) and is zoned "Residential" with a gross plot ratio of 1.6.

TSky Development will set up a project company to undertake the development of the sites.

Ocean Sky International said the proposed acquisition will be funded by the group's internal resources and/or bank borrowings.