Sing Holdings grabs top bid for Punggol East site

It was bought for $162.1m.

According to a release, the Board of Directors of Sing Holdings Limited announced that the Company has on 6 December 2012 submitted a tender bid of S$162.1 million for the land parcel at Punggol Field Walk / Punggol East.

Based on the provisional tender results released by the Housing & Development Board, the Bid emerged as the highest bid for the tender.

Subject to the award of the above tender, the Company will develop an Executive Condominium housing development with a gross floor area of 42,921 square metres on the land parcel.

The Project will be funded internally and through bank borrowings or from other sources as deemed appropriate by the Board. The transaction is not expected to have a material impact on the consolidated net tangible assets per share and consolidated earnings per share of the Company for the financial year ending 31 December 2012.