Far East to sell Woods Square property unit for $1.8 mil as an IPT

Woodlands Square Pte. Ltd. (WSPL), a private limited company that was incorporated to own and undertake the development of Woods Square, has entered into an option to purchase with Far East Management to sell a property unit at Woods Square for a consideration of $1.8 million, including a discount of 10%.

The discount was calculated on the same basis as other applicable discounts under the same discount scheme.

The sale will constitute an interested person transaction (IPT) under the SGX-ST’s listing manual, as Far East Orchard’s immediate holding company, Far East Organisation, is 50% owned by the estate of Ng Teng Fong. The estate also holds a majority of the shares in Far East Management.

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