Residences at Emerald Hill unit sold to company director's wife

Property developer Lafe Corporation plans to sell a unit at its project, Residences at Emerald Hill, to the spouse of a company director.

It said in a Singapore Exchange (SGX) filing on Friday that its subsidiary Lafe (Emerald Hill) Development is proposing to sell unit 08-03 to Mdm Yu Lo Si Rosy, Lafe Corporation group chief executive Christopher Ho Wing-On's wife.

Mdm Yu is regarded as an "interested person" in the firm, under Chapter 9 of the SGX securities trading listing manual.

The unit will be sold to her at $4,995,846, after a 2.5 per cent discount off the original selling price of $5,123,945.

Lafe said Mr Ho had abstained from the audit committee and board's approval of the sale. The firm said it was "satisfied that the number and terms of the proposed sale are fair and reasonable and are not prejudicial to the interests of the Company and its minority shareholders".

Residences at Emerald Hill is a freehold development with 33 units, and is located in the Cairnhill area. It received its temporary occupation permit in Jun 2011.