27 Dec '12, 1pm

AA set to quit River Valley site

http://www.straitstimes.com/premium/...-site-20121227 AA set to quit River Valley site Far East subsidiary makes $61.8m offer for motoring association's AA Centre Published on Dec 27, 2012 By Christopher Tan, Senior Correspondent A LANDMARK on River Valley Road - the AA Centre - is set to change hands. An offer of $61.8 million has been made for the site, which has been the headquarters of the Automobile Association of Singapore (AAS) since 1967. But the offer from Starlite Land Development, a subsidiary of listed property giant Far East Organization, is well below the indicative price that the AAS set in June when it sought expressions of interest. It was expecting $90 million to $100 million for the building, which sits on a 33,751 sq ft freehold plot in the prime district. AAS members will decide on Jan 9, at an extraordinary general meeting, whether to accept the offer...

Full article: http://forums.condosingapore.com/showthread.php?p=348330#...

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