12 Dec '16, 6am

Bankrupt trader's bungalow finds buyer

Bankrupt trader's bungalow finds buyer

THE freehold bungalow at 85 Branksome Road , vacated by the bankrupted managing director of spice and nut trader Pars Ram Brothers and his family, has found a buyer. According to caveats obtained by The Business Times, the property was sold to a special purpose vehicle (SPV) called Branksome Realty 1 Pte Ltd for S$15.08 million. This was below the opening price of S$16 million at its first auction, where it had failed to land a successful bid. This new sale price translates to about S$1,143 per square foot (psf) on the land area of 13,189 sq ft - quite comparable to another transaction along the same street in the same month. A check with corporate intelligence portal Handshakes showed that construction and property group Chiu Teng Enterprises is a shareholder in the SPV Branksome Realty 1. Chiu Teng last month made headlines for purchasing a row of four freehold conservat...

Full article: https://www.srx.com.sg/singapore-property-news/28742/bank...

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