Gelonghui, May 10, China (K2FB (02108)Deadman'shand.HK) announcement, on April 3, 2024, buyer U PROPERTY HOLDINGS PTE LTD (Company)Deadman'shandAn indirect wholly-owned subsidiary) entered into an offer letter with the seller SECOND CHANCE PROPERTIES LTD for the acquisition. On May 10, 2024, the buyer and the seller entered into an agreement for the sale and purchase of shares. Under the share Sale and purchase Agreement, the seller agrees to sell and the buyer agrees to purchase the entire issued share capital of the target company NEW CHANCE PROPERTIES PTE LTD for a total consideration of S $9.5 million.
The target company is a private company incorporated in Singapore, which is mainly engaged in holding properties as rental income investment.
The property is located in the mature residential area of Ang MoKio, adjacent to Hongmaoqiao subway station, bus interchange and Juji Maoqiao City (AMK Hubshoppingmall). Hongmaoqiao is famous for its superior geographical location, vibrant community, convenient living facilities and transportation in all directions. The area continues to introduce new residential projects, which are intertwined with the old to meet the changing needs of residents and to invigorate the area.
The acquisition takes place in the daily and general course of business of the Group and is in line with the current (and current) business strategy and conduct of the Group. The company continues to make strategic investments and explore potential business opportunities in Singapore to create more value for shareholders.
The property consists of a unit divided into three smaller units and is currently engaged in retail business. The Group intends to apply for the use of the property to be changed to the catering industry and plans to build an air-conditioned food centre. If the property cannot be changed in whole or in part, the Group plans to let it as a retail unit.
