Friday, August 24, 2012

Hillside Gardens sold for S$18.5m

Development 72 Pte Ltd, a wholly-owned unit of TEE International Limited, has exercised its option to buy Hillside Gardens for S$18.5 million.

With a plot ratio of 1.4 and an estimated gross floor area (GFA) of 21,553 sq ft, the site could generate up to 33,192 sq ft of gross sellable area, including balcony space.

The company plans to use bank borrowings and internal funds to finance the acquisition.

Moreover, the purchase of Hillside Gardens is not expected to have any material effect on its net tangible assets and earnings per share for the current full year ending 31 May 2013. 

View the original article here

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