Singapore property firm Hwa Hong acquires interest in London property

Singapore-listed property player Hwa Hong Corporation on Thursday announced that it had acquired a stake in a six-storey residential building in London.

This was done through its wholly-owned subsidiary Singapore Warehouse Company, which had acquired a 19 per cent stake in GOGC Allen House for about $9.9 million.

Through the partnership, Hwa Hong and GOGC Allen House will own the freehold property off Kensington High Street.

GOGC Allen House is an exempted limited partnership based in the Cayman Islands.

"Given its location in the heart of the Royal Borough of Kensington and Chelsea, we believe this property is a valuable addition to our London residential portfolio and has significant potential," said Hwa Hong Corporation's group managing director Ong Choo Eng.

Hwa Hong added that the investment is not expected to have any material impact on its earnings per share and net tangible assets for the year ended Dec 31.