Amara Holdings subsidiary awarded Tampines Central property lease

An Executive Condominium Housing Project will be developed on the 20,750 square metre site.

In a press release, the Board of Directors of Amara Holdings Limited announced that the Housing & Development Board of Singapore has awarded the tender for a 99-year leasehold land parcel located at Tampines Central 7, Tampines Avenue 7, Tampines Avenue 9, at a tender price of S$233,525,655 to Singxpress Property Development Pte Ltd, Creative Investments Pte Ltd and Kay Lim Realty Pte Ltd.  

Creative Investments Pte Ltd is a wholly-owned subsidiary of Amara Holdings Limited.

The land parcel has a site area of 20,750 square metres with a maximum permissible gross floor area of 58,101 square metres and shall be used for the proposed development of an Executive Condominium Housing Project.

The subsidiary Creative Investments together with Singxpress Property Development Pte Ltd and Kay Lim Realty Pte Ltd will form a joint venture company called JV Co to undertake the development of the Project. The respective equity shareholding structure of the JV Co shall be as follows: Creative Investments gets a 40% equity, Singxpress Property Development Pte Ltd receives 30%, and  Kay Lim Realty Pte Ltd takes 30% equity. 

The acquisition of the above land parcel is within the ordinary course of business of the Group.

The Project will be financed by internal funds from the Group, bank borrowings and/or from other sources.  The acquisition is not expected to have any material effect on the consolidated earnings and net tangible  assets per share of the Group for the current financial year ending 31 December 2012.

The release also clarified that none of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the  above transaction.