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Boustead Projects subsidiary acquires 28 & 30 Bideford Road for $515.0 mil

Felicia Tan
Felicia Tan6/24/2022 03:46 PM GMT+08  • 2 min read
Boustead Projects subsidiary acquires 28 & 30 Bideford Road for $515.0 mil
30 Bideford Road. Photo: Colliers/Knight Frank via EdgeProp Singapore
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A subsidiary of Boustead Projects has acquired the property at 28 & 30 Bideford Road from SC Aetas Holdings (also known as the Singapore subsidiary) after the latter was placed under creditors’ voluntary liquidation.

The consideration amount for the property is $515.0 million, excluding tax, and will be funded via external bank financing as well as shareholders’ loans.

The consideration was arrived at on the basis of a sale as part of the creditors’ voluntary winding up. Based on a valuation conducted by Savills Valuation and Professional Services on June 20, the property has a market value of $550 million.

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