Phoenix Heights acquired by OKP Holdings for $33.1mil

Phoenix Heights in Bukit Panjang | Photo credits :PropertyGuruSG

A 25 percent-owned associate of OKP Holdings has clinched the tender for the collective sale of Phoenix Heights, a 32-unit condominium in Bukit Panjang, after it submitted a $33.1 million bid.

 With an area of 3,971.9 sq m, Phoenix Heights has a lease tenure of 99 years that start from 1969.

 USB plans to apply for a fresh 99-year lease as well as to redevelop the property, subject to the approval of the relevant authorities, revealed OKP in an SGX filing.

Phoenix-Heights-Dairy-Farm-Bukit-Panjang-Choa-Chu-Kang-Singapore2

Phoenix Heights in Bukit Panjang | Photo credits :PropertyGuruSG

It should also be noted that the $33.1 million price was arrived after taking into account the current market conditions as well as the property prices within the surrounding area.

In fact, a tender deposit of $180,00 has already been paid, while $3.130 million, which is 10 percent of the purchase price, is due within 14 days from the acceptance of the bid.

“The group will fund its share of the purchase price by internal resources and/or bank borrowings,” said OKP.

The Business Times reported that apart from OKP, Chye Joo Construction’s B&D Investment and Property, the Hwa Seng Group’s HSB Holdings, and Ho Lee Group each own a 25 percent stake in USB.

OKP does not expect the acquisition to materially affect the group’s earnings per share or net tangible assets per share for the current financial year ending 31 December 2018.

Eugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email eugenia@propertyguru.com.sg