CapitaLand takes 75% interest in Bishan street site

Its partner, Mitsubishi Estate Asia, will take 25% interest to develop condominium site at Bishan Street.

According to CapitaLand, they will be the lead development manager for the Site and is responsible for the full spectrum of sales and marketing, product design and development, and project management.

BRPL owns 100% of Bishan Residential Investments Pte. Ltd., which in turns owns 100% of Bishan Residential Development Pte. Ltd. (“BRDPL”). In February 2011, BRDPL had tendered for the Site at a tender price of S$550.1 million (the “Tender Price”) and had been awarded the Site by the Housing and Development Board on 28 February 2011.

Pursuant to the Shareholders’ Agreement, CRL Realty will, among other things, subscribe additional 65 new ordinary shares for a cash consideration of S$65, and MEA will subscribe 25 new ordinary shares for a cash consideration of S$25; and, assign to MEA a 25% share in the shareholder’s loan. This loan amounting to approximately S$156 million was advanced by CRL Realty to BRPL which in turn advanced it to BRDPL primarily to pay 25% of the Tender Price and applicable stamp duty.

As of the date of this announcement, CRL Realty holds 10 ordinary shares representing 100% interest in BRPL. Upon the Subscription, the share capital of BRPL will comprise 100 ordinary shares in which 75 ordinary shares will be held by CRL Realty and 25 ordinary shares will be held by MEA. BRPL will be a 75% owned subsidiary of CapitaLand.