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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SEE:Mapletree Korea to provide property management and lease management services for REF properties following acquisition

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Tannery Holdings, a wholly-owned subsidiary of Far East Orchard and Far East Civil Engineering each holds one-third interest in the share capital of WSPL. Accordingly, WSPL is an associated company of Far East Orchard.

Woods Square is a 99-year leasehold integrated office development developed by WSPL, located at Woodlands Central.

The sale unit is #04-49 located in SOLO 1 of Woods Square. The strata area of the sale unit is 81 sqm, which translates to $21,907.22 per sqm based on the consideration price.

Shares in Far East Orchard closed flat at $1.06 on March 23.