Wheelock shells out S$550m for Ang Mo Kio Ave 2

25% of the price must be deposited.

According to a release, the Board of Directors of Wheelock Properties (Singapore) announced that the Urban Redevelopment Authority has awarded to the Company’s wholly-owned subsidiary, Pinehill Investments Pte. Ltd., the tender for the land parcel at Ang Mo Kio Ave 2 at a tender price of S$550,000,048 subject to the conditions set out in the tender documents.

The site is a 99-year leasehold land. It has a site area of 198,942 sq. ft. with an allowable gross floor area of 696,302 sq. ft. The Site is located within the established Ang Mo Kio HDB residential estate. It is well connected to the Central Expressway and the Seletar Expressway. The future Mayflower MRT Station at Ang Mo Kio Ave 4 which will be part of the new Thomson Line, is within walking distance from the site.

In line with the Company’s property development business, the Company intends to undertake construction of a residential development at the Site. The Directors are of the view that the Acquisition is a viable investment which will broaden the asset and earnings base of the Group. The Acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the Group for the current financial year.

Under the terms of the tender, 25% of the tender price (less the tender deposit) shall be paid within 28 days of the date of acceptance of the tender. The balance of the tender price is payable within 90 days of the date of acceptance of the tender. The Acquisition will be financed by internal funds and bank borrowings.