SINGAPORE (Sept 18): TEE Land is developing a block of residential apartments at Seraya Crescent.

The group has entered into six option-to-purchase agreements to acquire for $25.7 million the freehold land located at 1, 1A, 1B, 1C, 1D and 1E, Seraya Crescent with a total land area of 2,236.1 sqm.

The proposed acquisition is subject to legal due diligence and is expected to be completed by next January.

TEE Land says the acquisition will be financed by internal funds and bank borrowings.

The acquisition is not expected to have any material impact on the group’s net tangible assets or earnings per share for the financial year ending May 31.

None of the directors or controlling shareholders of TEE Land has any direct or indirect interests in the above transaction save for their respective shareholdings in the company.

TEE Land will keep shareholders informed on further developments of the proposed acquisition as and when appropriate.

Shares in TEE Land closed at 19 cents on Monday.