Business Times - 03 Mar 2010
STC takes over Chancery Five project
Development will have 12 freehold strata bungalows
By EMILYN YAP
THE Straits Trading Company (STC) is taking over a private developer and its cluster bungalow project at Chancery Lane.
It said on Monday that it would pay an aggregate of some $13.9 million for the proposed acquisition of Tertius Development Pte Ltd, including the assignment of specified shareholders' loans. The vendors are two individuals.
With the deal, STC will gain control of Chancery Five, a project with 12 freehold strata bungalows at 5 Chancery Lane. The development is next to Anglo-Chinese School (Primary) and Anglo-Chinese School (Barker Road).
Each bungalow will have five rooms, an entertainment room, an attic, a private basement car park, a private swimming pool and a lift spread across two levels. The homes will range from 4,800 square feet to 6,500 sq ft in size.
Tertius' commitment to the project - including land cost, development cost and incidental selling costs - up to 2012 is estimated by the purchaser at about $58.24 million.
Eric Teng, chief executive of STC's property arm, told BT that his unit has been looking out for opportunities in the property market. He has not set a date for the launch of Chancery Five. The project is under construction and could obtain temporary occupation permit in April next year.
According to caveats lodged with the Urban Redevelopment Authority, a detached house at Chancery Lane changed hands at $900 per sq ft in November last year.
STC's acquisition is expected to be completed in April. The company does not foresee the purchase having a significant impact on its financial position for the year ending Dec 31, 2010.
STC shares rose five cents yesterday to close at $4.15.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
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