The legal completion of the sale and purchase of the property is expected to take place within nine months once the tender offer is accepted.
The acquisition will be funded via internal funds and, or bank borrowings.
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In a statement on the evening of Aug 18, the group says it is “not averse” to options and opportunities to divest, streamline, restructure and, or recognise its non-real estate investments and business.
“Combined together, these two properties will result in an enlarged site that will yield a regular-shaped land parcel ideal for more efficiency planning with wider frontage and improved visibility along Dunearn Road and Bukit Timah Road,” says William Liem, Chief Executive Officer of Tuan Sing.
Shares in Tuan Sing closed at 53 cents on Aug 18.
Photo: Tuan Sing
