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ABOUT THE EN BLOC SALES
Recently listed SLB Development Ltd. just declared that the ancillary Oxley Kyanite has exerted the choice to buy the freehold development Pei Fu Industrial Building for a sum cost of S$76.25 million.
The selling cost was broadcasted recently by The Business Times. It exceeds the reserve cost of S$75 million, and comes out to S$489 psf ppr (per sq. ft. per plot ratio), based on the anticipated GFA (gross floor area) of about 155,864 sq.ft.
The land rate of this classic unit does not consist a project price that might be owed to the state, as the project standard has yet to be determined.
The procurement – financed by the eminent William Gan Realty – was ventured by the prestigious Oxley Kyanite Private Limited, in which SLB Development Limited has an unintended 51% interest with the mainboard listed Oxley Holdings Pte. Ltd. possessing the outstanding 49% share.
The 6 storeys flatted factory, well situated at 23 New Industrial Rd., has a site area of about 62,364 square feet and was ended during the early 1980’s. This project was greatly developed by the reputable Tay Eu Chee Realty Private Limited, that acquires a vast share of the 30 strata units in it.
Pei Fu Industrial Location
Location at the heart at Upper Paya Lebar, Pei Fu Industrial is well surrounding by peer industrial developments with an address at 24 new industrial road. This location is ideal for businesses as they are in an industrial b1 zone with all potential suppliers and customers are all within proximity.
MODE OF TRANSPORT
- Bartley MRT
- Serangoon MRT
- Kallang Paya Lebar Expressway (KPE)
- Pan Island Expressway (PIE)
NEARBY AMENITIES
- NEX Shopping Mall
- Heartland Mall
- Macpherson Mall
- City Plaza
- Tai Keng Shopping Centre
POTENTIAL OF THE SITE
SLB Development Ltd., the development spin-off of Lian Beng Group’s construction company, stated that it aims to redevelop the establishment, subject to acquiring all the essential confirmation from the suitable authorities, and will finance the purchase by using external borrowings and internal resources.
The company that is catalist-listed has previously paid a deposit of about S$3.81 million, with the same total owed upon approval of the sale by the High Court or the Strata Titles Boards, and the residue on legal end of the purchase.
Proprietors that control a few 88.5% of both share value and strata area in the project have given their permission to the collective sale, as broadcasted by Business Times recently.
If the Oxley Kyanite be unsuccessful to acquire the approval, requisite content as well as the clearance for the sale, the dealers will about to be entitled to void the purchase and sale and reclaim any damages they encountered, said Oxley.
SLB Development Ltd. mentioned that the procurement is not supposed to have any material effect on the net tangible assets of the group per share and the revenues per portion for the recent financial year completed last May 31, 2018.
SLB shares recently were running at S$0.235 respectively, down 4.08% or S$0.01, whereas the counter of Oxley was flat at about S$0.485.
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