Tan Chong to sell 2 properties in Upper Bukit Timah Road to CDL for S$126.3m

Singapore

TAN Chong International's indirect wholly-owned subsidiary has granted a call option to a unit of City Developments (CDL) to purchase its property, plant and equipment for S$126.3 million.

Based on an Acra filing seen by The Business Times on Tuesday (Nov 23), the potential buyer, CDL Aries, is owned by CDL's subsidiary, CDL Constellation. An option fee of some S$6.3 million or 5 per cent of the consideration is payable to Tan Chong should CDL Aries decide to exercise the call option, with a remaining S$120 million to be paid upon completion of the transaction.