Tee Land buys Teck Guan Ville in S$60m collective sale
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TEE Land is purchasing Teck Guan Ville condo in Upper East Coast Road in a collective sale worth S$60 million.
It announced in a Singapore Exchange filing that it has entered into an option-to-purchase agreement to acquire the freehold, 3,928.8 sq m plot located at 338 to 364 Upper East Coast Road. The plan is to build a residential development on the land, Tee Land said in a Singapore Exchange filing on Thursday evening. The proposed acquisition is subject to due diligence and is expected to be completed by November 2018.
It will be financed by internal funds and bank borrowings, and is not expected to have any material impact on the group's net tangible assets or earnings per share for the financial year ending May 31 2019.
Last year, it scooped up the freehold Casa Contendere at 35 Gilstead Road through a collective sale for S$72 million and a strata development comprising six townhouses along Seraya Crescent off Upper Thomson Road through a collective sale at S$25.74 million.
Tee Land's shares last closed on June 20 at S$ 0.188.
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