Chinese billionaire’s Bright Ruby-linked unit bags Far East Shopping Centre for about S$910 million
Deal comes after Bright Ruby’s purchase of Collyer Quay building for S$1 billion last year, and former Grand Park Orchard hotel for S$1.15 billion in 2013
THE collective sale of Far East Shopping Centre has been awarded, subject to conditions, to a company linked to Bright Ruby Resources and Chinese businessman Du Shuanghua, The Business Times (BT) understands.
The offer from Glory Property Developments is said to be around S$910 million, a notch below the guide price of S$928 million for the 999-year leasehold property along Orchard Road.
The deal is subject to certain conditions, including approval from the Urban Redevelopment Authority (URA) for up to 20 per cent more gross floor area (GFA) under the government’s Strategic Development Incentive (SDI) scheme.
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