The Tan Chong Industrial Park located at 798 and 800 Upper Bukit Timah Road (beside Hazel Park Condominium) was sold to CDL in Apr 2022 for $126.3m.
The sale assets comprise an aggregate site area of 16,630 square metres (sq m) (179,003 sqft), the buildings on the site, as well as their fixed plant and equipment including all fixtures, lifts, and air-conditioning units. The collective fair value of the assets amount to S$95.9 million as at end-June 2021.
The Former Tan Chong Industrial Park land plot, marked as Residential on the URA Master Plan.
22 Aug 2022
AUTO dealer Tan Chong International's net profit for the first half of 2022 increased to HK$130.6 million (S$23.2 million) from HK$27.1 million, a 381 per cent jump from the same period a year ago.
The huge increase was a result of the disposal of 1 of the company's properties in Singapore, as previously announced in an earlier bourse filing on Jul 7.
It had said then that an indirect wholly-owned subsidiary of the company had granted a call option to a unit of City Developments to purchase 2 properties along Upper Bukit Timah Road for S$126.3 million in November last year. The call option was subsequently exercised on Apr 13, 2022.
The collective fair value of assets amount to S$95.9m as at end-June 2021
24 Nov 2021
TAN Chong International's indirect wholly-owned subsidiary has granted a call option to a unit of City Developments (CDL) to purchase its property, plant and equipment for S$126.3 million.
Based on an Acra filing seen by The Business Times on Tuesday (Nov 23), the potential buyer, CDL Aries, is owned by CDL's subsidiary, CDL Constellation. An option fee of some S$6.3 million or 5 per cent of the consideration is payable to Tan Chong should CDL Aries decide to exercise the call option, with a remaining S$120 million to be paid upon completion of the transaction.
Located at 798 and 800 Upper Bukit Timah Road, the sale assets comprise an aggregate site area of 16,630 square metres (sq m), the buildings on the site, as well as their fixed plant and equipment including all fixtures, lifts, and air-conditioning units. The collective fair value of the assets amount to S$95.9 million as at end-June 2021. Existing tenancies are due to expire on Mar 31, 2022 and come with an aggregate monthly rent of S$49,776.
The properties are next door to Hazel Park Condominium.