Tuan Sing snags prime freehold site in Dunearn Road for $56m
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Mainboard-listed Tuan Sing Holdings has secured a tender for a prime freehold site in Dunearn Road for $56 million.
The 1,592.4 sq m property is located next to and shares the same boundary as Link@896, a mixed-use office and retail building which the group acquired in 2017, it said in a bourse filing on Wednesday night.
Combined, these two properties will result in an enlarged site with a regular-shaped land parcel, ideal for more efficiency planning with wider frontage and improved visibility in Dunearn Road and Bukit Timah Road, said Tuan Sing chief executive William Liem.
The acquisition will be financed by internal funds and/or bank borrowings and is expected to be completed within nine months from the date of acceptance of the tender offer.
Tuan Sing's newly secured site is located at the junction between Dunearn Road and Yarwood Avenue.
It is directly opposite King Albert Park MRT station, with sheltered access to the station, and has a wide road frontage spanning about 42.5m in Dunearn Road and 30m in Yarwood Avenue.
The group recently completed the divestment of Robinson Point for a "significant gain" while its flagship building - 18 Robinson - as well as Link@896 are enjoying "improved occupancies" despite disruptions from the prolonged Covid-19 pandemic.
On Aug 6, Tuan Sing posted a net profit of $100.7 million for its first half, 15.2 times that of the $6.6 million posted the year prior, on the back of top-line gains across all business segments.
Revenue in the six months ended June 30 this year jumped 57 per cent to $143.9 million, mainly due to the group's real estate development and investment segments.
Tuan Sing shares closed 4.72 per cent lower at 50.5 cents yesterday.
THE BUSINESS TIMES