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04-09-2013, 12:01 PM
look like their "en bloc purchase" of ThomsonView is a "No Go" - depending on how mkts swing in the next few months => might even be blessings in disguise
UPDATE ON THE COLLECTIVE PURCHASE OF THOMSON VIEW CONDOMINIUM
The Contract is subject to the Vendors obtaining an Order of Sale from the High Court to sanction the Contract.
The Company understands that the Vendors' application to the High Court of Singapore for an Order of Sale to sanction the Contract was dismissed by the High Court in a written judgment released on 3 September 2013.
below recap of Old News
PUBLISHED SEPTEMBER 06, 2012
Wee Hur's new JV buys Thomson View of $590m
BY CARINE LEE
Wee Hur Holdings Ltd on Thursday said it has acquired Thomson View condominium for $590 million through a newly set up joint venture - Wee Hur-Lucrum Pte Ltd (WHL).
The site, with an existing plot ratio of 2.1, sits on a land area of about 540,314 square feet, making it one of the largest condominiums in land area in Singapore.
The purchase price works out to $712 per sq ft per plot ratio, taking into consideration the estimated differential premium and lease upgrading premium payable for the redevelopment of the site, which is a 99-year leasehold residential property with a remaining term of about 62 years.
The acquisition is subject to terms and conditions such as receiving certain specified approvals from Strata Titles Board (STB), Urban Redevelopment Authority (URA) and Singapore Land Authority (SLA), largely pertaining to being granted a fresh 99-year lease and the permission to redevelop into a condominium development with apartment blocks of up to 24-storeys and a gross plot ratio of 2.1 in accordance with URA's Master Plan 2008.
The group believes the good location of the site - on an elevated ground along Upper Thomson Road directly opposite Thomson Plaza - will be a key attraction for property buyers.
Wee Hur's wholly-owned subsidiary, Wee Hur Development Pte Ltd, will hold a 51 per cent stake in the joint venture, while private equity investment firm, Lucrum Capital Pte Ltd, will hold the remaining 49 per cent
UPDATE ON THE COLLECTIVE PURCHASE OF THOMSON VIEW CONDOMINIUM
The Contract is subject to the Vendors obtaining an Order of Sale from the High Court to sanction the Contract.
The Company understands that the Vendors' application to the High Court of Singapore for an Order of Sale to sanction the Contract was dismissed by the High Court in a written judgment released on 3 September 2013.
below recap of Old News
PUBLISHED SEPTEMBER 06, 2012
Wee Hur's new JV buys Thomson View of $590m
BY CARINE LEE
Wee Hur Holdings Ltd on Thursday said it has acquired Thomson View condominium for $590 million through a newly set up joint venture - Wee Hur-Lucrum Pte Ltd (WHL).
The site, with an existing plot ratio of 2.1, sits on a land area of about 540,314 square feet, making it one of the largest condominiums in land area in Singapore.
The purchase price works out to $712 per sq ft per plot ratio, taking into consideration the estimated differential premium and lease upgrading premium payable for the redevelopment of the site, which is a 99-year leasehold residential property with a remaining term of about 62 years.
The acquisition is subject to terms and conditions such as receiving certain specified approvals from Strata Titles Board (STB), Urban Redevelopment Authority (URA) and Singapore Land Authority (SLA), largely pertaining to being granted a fresh 99-year lease and the permission to redevelop into a condominium development with apartment blocks of up to 24-storeys and a gross plot ratio of 2.1 in accordance with URA's Master Plan 2008.
The group believes the good location of the site - on an elevated ground along Upper Thomson Road directly opposite Thomson Plaza - will be a key attraction for property buyers.
Wee Hur's wholly-owned subsidiary, Wee Hur Development Pte Ltd, will hold a 51 per cent stake in the joint venture, while private equity investment firm, Lucrum Capital Pte Ltd, will hold the remaining 49 per cent
