Cortina Holdings announced on Oct 4, it has been granted the option to buy the entire fourth level of15 Scotts Road. The size is 1,276 sq m, and the cost is $49 million. The vendor is Singapore Institute of Management.
"Currently, our Group’s offices in Singapore operate from leased premises, some of which leases would terminate in the near term. We also envisage organic growth of our Group in the near term which in turn would increase our Group’s requirement for office space. Instead of renting such office space, we have been considering acquiring the same. The Property would be able to satisfy our Group’s need for office space in the near term when the existing tenancies to which the Property is subject terminate at the end of their terms," Cortina says.
The acquisition will cause net tangible assets to rise by 1 cent to $1.90, and for net profit to inch higher to $69.096 million from $68.773 million on a pro forma basis.