Property developer SingHaiyi Group-led joint venture has won tender for the purchase of Sun Rosier condominium in Singapore at S$271 million.
The joint venture involves SingHaiyi Group, its unit SingHaiyi Properties along with Huajiang International Corp, owned by SingHaiyi Group's controlling shareholders.
SingHaiyi said that the joint venture is beneficial as it provides the company with the opportunity to acquire a land site within an established residential area and expand its development portfolio in Singapore.
Sun Rosier is a condominium comprising 78 apartment units on four blocks of four storeys, with a total strata area of 143,719.59 sq ft.
The companies have already paid a tender fee of S$500,000 and shall make a payment of 5 percent of the purchase price within 5 business days, it said in a regulatory filing on Thursday.
The acquisition will be funded by internal resources and bank borrowings, SingHaiyi said.
The acquisition is not expected to have a material impact on the consolidated net tangible assets per share and consolidated earnings per share of the group for the financial year ending March 31, 2018.
Shares in SingHaiyi Group lost 0.8 percent to S$0.118 on the Singapore Exchange. The stock has gained about 30 percent so far this year.