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Real
estate firm Top Global Ltd through its wholly-owned Top Global
Properties, is selling a property for S$13.8 million to EX Nexus
Services, reported The Business Times.
Dubbed ‘51 Ang Mo
Kio Avenue 3 #03-01 3rd Storey 51@AMK’, the subject property is located
within a three-storey Housing and Development Board (HDB) block in Ang
Mo Kio Town Centre.
In an announcement late last week, Top Global
said the purchaser had already exercised its option to acquire the
property, which has “a net lettable area of approximately 1,420 square
metres. It has a leasehold tenure of approximately 81 years with effect
from 7 March 1995”.
The purchase price took into consideration the property’s carrying value of S$12.36 million as at 30 September 2012.
EX
Nexus has already paid S$690,000 as a five percent deposit for the
deal, while the remaining 95 percent will be paid upon completion of the
sale.
The deal is expected to be completed four weeks from the
receipt of consent from relevant parties or in the next 12 weeks,
whichever is later. However, it is still subject to conditions,
including the approval of concerned parties such as the HDB and
discharge of the existing mortgage.
With the sale, Top Global
expects a net gain of S$1.1 million, which will significantly increase
the company’s earnings and net tangible assets for the full year ending
31 December.
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