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Top Global Limited is acquiring a unit at Tong Building for $24.93 million, inclusive of a seven percent goods and services tax, from Fortis Asia Healthcare.
Located along Orchard Road, the freehold unit has a net floor area of around 6,103 sq ft.
The company believes the acquisition presents an “opportunity for the group to own a rare investment grade office with strong building image along Orchard Road”.
“The group will seek to maximize the value of this investment by considering the various options including leasing to both external parties or parties within the group,” it said in an SGX filing.
It revealed that the consideration for the property will be funded by bank loans and internal resources.
Top Global does not expect the acquisition to materially affect its net tangible assets or earnings per share for the financial year ending 31 December 2017.
This article was edited by Keshia Faculin.