SINGAPORE (Sept 22): SingHaiyi Group has submitted the winning bid of $271 million for the collective purchase of the property known as Sun Rosier at 5A How Sun Drive.

The property is freehold with a site area of 13,568 sqm. No development charge and differential premium is payable for the redevelopment of the site to a gross plot ratio of 1.4.

SingHaiyi says the land site, located in an established residential area, will enable the company to expand its development portfolio in Singapore.

The tender was submitted by a 50:50 joint venture between SingHaiyi Properties, a wholly owned subsidiary of SingHaiyi, and Huajiang International Corporation, an entity controlled by Gordon Tang and Serena Tang, the controlling shareholders of SingHaiyi.

Under SGX listing rules, the acquisition is considered an interested person transaction as Gordon Tang is a non-executive director of SingHaiyi and Celine Tang is its group managing director.

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