SINGAPORE (Aug 28): Ocean Sky International and Tiong Seng is jointly acquiring Sloane Court Hotel at 17 Balmoral Road and certain sites at Balmoral Road for $80.5 million.

The sale and purchase agreement was signed by  TSky Development on Friday.

TSky Development is 40% owned by Arctic Sky, a wholly owned subsidiary of Ocean Sky, and 60% owned by Yuan Ching Development, a subsidiary of Tiong Seng, the listed construction company.

The agreement is conditional upon the approval of shareholders of the sites’ sellers.

Located in prime district 10, the acquisitions have a combined site area of about 3,618 sqm and is zoned residential.

In connection with the acquisition, TSky will set up a project company to undertake the development of the sites.

The acquisition will be funded by internal resources and bank borrowings.

Shares in Ocean Sky and Tiong Seng last traded at 7.6 cents and 30 cents respectively.