Three Singapore-listed developers – Heeton Holdings, Lian Beng Group and KSH Holdings – have consolidated their interest in a freehold land parcel in Brisbane, Australia.
According to a report on The Business Times, with Heeton holding a 55 percent stake, Lian Beng Group 30 percent and KSH Holdings 15 percent, the consortium paid A$5.5 million (S$5.23 million) in cash for the 67 percent remaining interest in 186, Wickham Street, Fortitude Valley.
The consortium first invested in the land parcel in 2014, together with Australian seller Marvel Investments, with intent to transform the site into two residential blocks for sale to Asian investors. The development is Brisbane was the first project of all three Singapore partners in Australia.
The latest price included the discharge of a A$2.2 million shareholder loan.
The consideration was arrived at a willing-buyer, willing-seller basis, against the net tangible assets of about A$3.05 million of the holding company.
Heeton revealed that its share of the deal was paid in a mix of external borrowings and internal funds. Its board does not expect the transaction to materially affect its net tangible assets and earnings per share for the year ending 31 December 2019.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org