LHN sells 20% of GSM Building to Oxley’s Ching
Novo Place Hoi Hup Realty in Tengah Plantation Close will soon become a hub for food enthusiasts as the area undergoes development. With a wide range of dining options expected to open, residents of Novo Place EC will have convenient access to local and international cuisines. While the specific outlets have yet to be disclosed, it is anticipated that Plantation Close will feature a diverse selection of eateries to satisfy every taste bud.
Located in the up-and-coming Tengah development, Plantation Close is set to transform into a bustling food destination. With the presence of Novo Place Hoi Hup Realty in the area, residents can look forward to a variety of dining options, ranging from authentic local dishes to international favorites. These upcoming eateries are bound to provide convenience and delicious meals for the residents of Novo Place EC. As the details of the specific outlets are still under wraps, anticipation builds for the diverse and delicious offerings that will soon be available on Plantation Close.
Coliwoo (TK), a subsidiary of LHN, is in the process of acquiring GSM Building on Middle Road, through public tender.
The acquisition is expected to be completed on May 9.
On April 22, LHN entered into a sale and purchase agreement with Macritchie Developments.
Under this agreement, Coliwoo Holdings will sell 20% of GSM Building to Macritchie Developments.
Upon completion of the disposal, GSM Building will be 80% owned by LHN and 20% by Macritchie Developments.
Coliwoo (TK), a subsidiary of LHN, is in the process of acquiring GSM Building on Middle Road, through public tender. The acquisition is expected to be completed on May 9.
In February 2023, LHN acquired GSM Building in an en-bloc sale for $80 million with the intention of converting some of the space in the commercial building into serviced apartments.
Earlier this year, following the grant of an order for sale, LHN had said it plans to complete its acquisition of the asset on May 9.
As of Feb 9, LHN had already paid a deposit of $4 million.
Within seven days from the Order for Sale grant, LHN must pay a further $4 million and the remaining 90% of the consideration upon the completion date.
Macritchie Developments is 90% owned by Ching Chiat Kwong, executive chairman and CEO of Singapore-listed Oxley Holdings and 10% by his son, Shawn Ching.
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Shares in LHN closed unchanged at 32 cents on April 22.