World Class Development Pte Limited, a subsidiary of Aspial Corporation, sold a unit at The Hillford for a whopping $1.55 million! This price was already at a discount (less that $52, 937).
The company said, in a filling at SGX (Singapore Exchange), that 8G Investment Private Limited bought the unit. 8G Investment is thought to be owned (partly) by Koh Wee Seng, the director and major shareholder of the project’s developer: Aspial.
According to Aspial, the purchase was not different to purchases made by third parties. The selling price was the same (minus the discount). No special offers or terms were offered to Mr. Seng even if he is a major shareholder of the said company.
To comply with the set policies established by Rule 912 of the listing manual, the transaction made by Mr. Seng was reviewed, evaluated and approved by the board of Directors and Audit Committee of Aspial without him attending the meeting board. The above steps were strictly carried out to be fair, reasonable and just to the company per se and the company’s minority shareholders.
The Hillford at Jalan Jurong is known to be a retirement resort that houses 281 residential units and 20 commercial units. Tenure is 60 years and TOP date will be on 2017.
