Nam Cheong to acquire Suntec office lots for $30.29m

Property has a floor space of 10,097 sq ft.

In a release, Nam Cheong Limited announced that its wholly-owned subsidiary, Nam Cheong Offshore Pte Ltd has been granted an Option to Purchase from an unrelated party, Vista Realty Pte Ltd, a private limited liability company incorporated in Singapore to acquire the office lots located at Unit #41-01, Unit #41-02 and Unit #41-03 of 8 Temasek Boulevard, Suntec Tower Three, Singapore from the Seller.

The Option is granted to NCO and/or its nominee. The Company intends to incorporate a new subsidiary to be the registered owner of the Property. The Company will be making appropriate announcements in due course on the incorporation of the new subsidiary.

The total purchase consideration for the Property is S$30,291,000. 

The Property has a total floor space of approximately 10,097 square feet and a leasehold term which will expire on 29 February 2088.

NCO has paid to the Seller the option money of S$302,910. Pursuant to the Option, the Option is to be exercised on or before 4 p.m. on 18 October 2013 by payment of the deposit of S$2,726,190 (being 9% of the Consideration).

The remaining balance 90% of the Consideration shall be paid by NCO and/or its nominee to the Seller within 10 weeks from the date of the exercise of the Option.

The Group intends to fund the Consideration for the Acquisition through internal resources.