Tiong Seng-Ocean Sky JV bags Cairnhill Heights in S$72.6m en bloc deal

Singapore

A JOINT venture between Singapore-listed construction and engineering firm Tiong Seng Holdings and civil engineering company Ocean Sky International has agreed to acquire Cairnhill Heights condominium for S$72.6 million, less than the sellers' initial asking price of more than S$80 million.

Tiong Seng holds a 60 per cent stake in the joint-venture company TSky Development while Ocean Sky holds the remaining 40 per cent.