SINGAPORE (Oct 1): BP-TPM, a 51%-owned joint venture of Boustead Projects, has entered into a sale and purchase agreement to acquire the leasehold interest of an industrial building at 6 Tampines Industrial Avenue 5 for a purchase price of $77.4 million, excluding stamp duty and GST.
The property is held on a 30-year lease granted by JTC Corporation, which commenced on May 10, 2009, with an option to renew for a further 30 years at the prevailing market rent as determined by JTC.
The purchase price will be financed via a combination of equity and bank borrowings.
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