Best World International disposes two properties at 37 Kallang Pudding Road

-

COMMERCIAL PROPERTY | Staff Reporter, Singapore
Published: 21 Dec 12

Cash sale proceeds amounting to nearly S$3m.

In a disclosure to the Singapore Exchange, Best World International Limited announced that it has entered into two Option To Purchase Agreements on 16 November 2012 with Rapid Effect Pte Ltd, an unrelated party, to dispose of two units of the properties owned by the Company located at 37 Kallang Pudding Road, #05-03 & #05-04, Singapore 349315 for a total cash consideration of $2,960,880. The option was exercised by the Purchaser on 30 November 2012.

Best World has owned the Properties since 1994 and these are currently utilised as a storage facility.

Best World said that according to a valuation report dated 6 November 2012 issued by DTZ Debenham Tie Leung (SEA) Pte Ltd had valued the Properties at S$2.825 million. The net gain on the disposal of the Properties will be approximately S$1.836 million based on the book value of the Properties and after taking into consideration certain expenses such as taxes and fees incurred in relation to the disposal.

The company gave three primary reasons for pushing through with the disposal:

- it found the selling price of the properties attractive, taking into consideration the current uncertainties in the global economy which further dampens the possibility of finding a lessee for the properties;

- the selling price, which is significantly higher than the original purchase price, presents a good opportunity to realise the gain from the appreciation of the properties; and

- the sales proceeds from the disposal would strengthen the Group’s cash position

The proceeds of the disposal of the Properties will be used for the business of the company. 


Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
Email: marshe_inc@yahoo.com.sg
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

| www.marshe.sg | www.marsheproperties.com.sg | www.hudcsg.blogspot.com |
| www.hausatserangoon.sg | www.8riversuites.com | www.newagents.sg |

Popular posts from this blog

Pines Club to be redeveloped

-
Image
The Straits Times  |  MARCH 22, 2013 The Pines Club in Stevens Road will be made over into a hotel and commercial development in an ambitious redevelopment plan. A unit of developer Oxley Holdings has agreed to buy the 18,477 sq m estate for $318 million on a 103-year lease. Oxley has obtained provisional permission to develop two blocks of eight-storey hotels, two blocks of two-storey commercial buildings and a four-storey clubhouse with a basement on the site, according to a company statement to the Singapore Exchange. The club's facilities will be integrated into the new complex. Motoring tycoon Peter Kwee told The Straits Times that club members will be offered places at the Laguna National Golf and Country Club in Changi during the interim construction period. He owns both clubs. Members will be able to use the Stevens Road clubhouse facilities after the redevelopment, estimated to take between two and three years. Talk about the estate's ma
Read more

7 BTO projects launched, BTO supply in 2012 a record

-
Image
SINGAPORE: HDB launched seven Build-To-Order (BTO) projects on Wednesday, offering 6,463 new flats in two non-mature towns (Choa Chu Kang and Sengkang) and three mature towns (Bedok, Queenstown and Toa Payoh). With this launch, the total BTO flat supply in 2012 will reach 27,084 units. This will be the largest BTO supply in a year since the BTO system was introduced in 2002. Together with another 7,153 balance flats offered earlier in the March and September 2012 Sale of Balance Flats (SBF) exercises, HDB has launched a total of 34,237 new flats in 2012. In January 2013, HDB will offer about 3,320 BTO flats in Ang Mo Kio, Choa Chu Kang, Hougang, Kallang Whampoa, Tampines and Yishun. HDB is planning for at least 20,000 BTO flats in 2013. First-timers will continue to enjoy priority flat allocation with at least 95% and 85% of the BTO flat supply (excluding Studio Apartments) set aside for them in mature towns and non-mature towns respectively. The Multi-Gener
Read more

Former Bt Timah Turf Club may become private estate: analyst

-
Image
Channelnewsasia.com | Posted: 13 February 2013 2007 hrs SINGAPORE: Property analysts said the former Bukit Timah Turf Club area will probably be redeveloped into a private residential estate, consisting of a mix of landed properties and condominiums. The government is setting aside this piece of land for residential use as part of the recently-released Land Use Plan. The Grandstand is an establishment that sits on the former Bukit Timah Turf Club. The new family lifestyle development was set up just last year. But in five years' time, it may no longer be around. The lease expires in 2018 and housing redevelopment is expected to begin then. Analysts believe the lease may not be extended. Nicholas Mak, executive director of research and consultancy at SLP International said: "If any of these operators have plans to upgrade or to renovate their premises, I think they have to take into consideration that they probably have only about five years left to
Read more