Results 1 to 3 of 3

Thread: Allgreen pays $15m for Kai Sheng Court and adjoining plots

  1. #1
    joe Guest

    Default Allgreen pays $15m for Kai Sheng Court and adjoining plots

    ACQUISITION OF KAI SHENG COURT AND ADJOINING PLOTS

    Mar Thorma Road

    Attached Files Attached Files

  2. #2
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Re: Allgreen pays $15m for Kai Sheng Court and adjoining plots

    June 11, 2007

    OPTION FOR COLLECTIVE DEAL

    Allgreen to pay $24m for Hup Cheong Mansions


    ALLGREEN Properties has secured an option to buy Hup Cheong Mansions, a condominium near St Michael's Road, for $24 million.

    The property is located on Mar Thoma Road. It has a 999-year leasehold tenure and has an area of 30,440 sq ft.

    On the heels of its successful Blossoms@Woodleigh and Cairnhill Residences launches this year, Allgreen plans to redevelop the property into a condominium of 75 units, each with an area of 1,184 sq ft, if the deal gets regulatory approval.

    The mainboard-listed company has paid 1 per cent of the purchase price to Hup Cheong's owners, and will pay another 9 per cent when the option is exercised. The rest of the $24 million 'will be payable upon completion', it said in a statement last Saturday.

    This is the latest in a string of buys for the company in the St Michael's area.

    Last month, an Allgreen subsidiary called Green Bay inked deals to buy three properties nearby for a total of $15 million: Kai Sheng Court, 21 Mar Thoma Road and 23 Mar Thoma Road.

    The acquisition of Hup Cheong Mansions will be financed by internal funds, bank loans or both, said the developer.

    The purchase is 'not expected to have any material impact on the consolidated earnings and net tangible assets per share of the Allgreen group for the financial year ending Dec 31, 2007', said the company.

    Allgreen's net profit for the first three months of this year quadrupled to $49.6 million from $12.1 million a year ago, as revenue soared 161.5 per cent to $181.2 million. In addition to contributions from its Blossoms@Woodleigh and Cairnhill Residences developments, the property group enjoyed higher occupancy and rental rates at its Great World City office and retail units and service apartments.

    Higher occupancy and rates at Traders Hotel also boosted its bottom line.

    Buoyed by Singapore's residential and commercial property boom, Allgreen shares have more than doubled in value in the past 12 months, rising from around 92 cents in July last year to last week's close of $1.99 a share.

    ERICA TAY

  3. #3
    Join Date
    Apr 2009
    Posts
    5,841

    Default

    isn't that in st michael? another condo in that area?

Similar Threads

  1. Spring Court restaurant owner pays S$52.9m for Jervois Green
    By reporter2 in forum En Bloc Achieved
    Replies: 1
    -: 06-12-17, 23:28
  2. Sheng Siong buys HDB complex in Tampines
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 09-01-15, 14:14
  3. Sheng Siong to buy Tampines property for $65m
    By princess_morbucks in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 09-06-14, 20:31
  4. Replies: 2
    -: 22-06-08, 11:34
  5. Allgreen pays $34 million for Regent Garden
    By joe in forum En Bloc Achieved
    Replies: 0
    -: 05-05-07, 16:11

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •