Boustead Projects JV to acquire Singapore industrial building for S$77 million

Singapore two-dollar bills

Boustead Projects’ 51 percent-owned joint venture, BP-TPM, entered a deal to acquire a Singapore industrial property for S$77.4 million, with the intention of earning long-term leasing income, the company said in a filing to SGX Tuesday.

Tampines Eagle, which is wholly owned by Bermuda limited partnership Al Sariya Real Estate, holds the remaining 49 percent of BP-TPM, the filing said.

Boustead Projects said it will finance the deal with equity and bank borrowings.

The property, located at 6 Tampines Industrial Avenue 5, has a 30-year lease from JTC Corp., starting from 2009, with the option to renew for another 30 years, the filing said. It was obtained vacant, the filing said.

Once the deal is completed, BP-TPM will award a contract for asset enhancement works to Boustead Projects E&C, a subsidiary of Boustead Projects, the filing said.

The deal is contingent upon JTC’s approval, the filing said.

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