Chip Eng Seng, on Sept 2, announced that the purchaser of its three shophouses on Geylang Road has exercised the option under the agreement to purchase.
See: Chip Eng Seng to sell three shophouses at Geylang Road for $8.63 mil
The purchaser, who is an unrelated third party of the group, has already paid a deposit of $345,200.
The deposit will be held by Chip Eng Seng’s wholly-owned subsidiary, CES Capital Holdings’ solicitors pending the completion of the sale of the property.
The deposit, along with the already-paid option fee, represents 5% of the total purchase price. The remaining sum of $8.20 million will be payable on the date of completion.
The proposed disposal of the property is slated to be completed on Nov 25, 12 weeks after the option exercise date.
Shares in Chip Eng Seng closed 0.5 cent higher or 1.14% up at 44.5 cents on Sept 2.
