Far East Consortium International Limited announced that after the trading hours of Hong Kong Stock Exchange on 5 June 2018, the Group through its indirect wholly-owned subsidiary, Advance Delight Global Limited, and Amber Investment Holding (Cayman) Limited entered into the Sale and Purchase Agreement, pursuant to which the Group has conditionally agreed to acquire 100% of the issued and paid-up capital of Highest Reach Investments Limited and the Shareholder Loan, at a price of approximately S$93,000,000, with the assumption of the Target's existing bank loan under a credit facility of approximately S$103,000,000.
The Target through its subsidiaries owns a freehold property currently known as "21 Anderson Royal Oak Residence", located at the whole of Lot 1519T of Town Subdivision at 21 Anderson Road Singapore 259984, which comprises 34 residential units with total gross floor area of 87,000 square feet. The Property is situated in the District 10 in Singapore, enjoying an unparalleled location close to Orchard Road and Raffles Girls' School (secondary).
Mr. Chris Hoong, Managing Director of FEC said: "The Property is located in a prime residential location in Singapore, which we intend to hold for investment before potential redevelopment of the Property to be approved by relevant authorities. This acquisition is a good opportunity for the Group to replenish the land bank in Singapore, generating recurring cash flow before the redevelopment and adding to its overall development pipeline following the successful launch of Artra in 2017. FEC will continue to adopt the regionalisation strategy and expand residential pipeline in order to deliver long-term benefits to our shareholders."