20 Jul '17, 3am

Heeton Holdings, Koh Brothers sell joint venture for S$41.6mil

Heeton Holdings, via its wholly-owned subsidiary Heeton Land Pte Ltd, along with Koh Brothers’ unit, Koh Brothers Development, have sold their respective 50 percent shareholdings in their joint venture company Buildhome to Central Core for S$41.6 million. Buildhome developed and owned the property known as “The Lumos” on 9 Leonie Hill, which still has 36 unsold residential units. In an SGX filing, Heeton revealed that Toh Giap Eng, “the deputy chairman and executive director and a controlling shareholder of the company, has a 12.5 percent shareholding interest in Central Core.” It also noted that the S$41.6 million consideration was arrived at “on a willing-buyer and willing-seller basis with reference to the unaudited financial statements of Buildhome as at 28 February 2017 and the agreed value of S$185.6 million for the property”. It added that the consideration was equa...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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