Mon, Aug 31, 2020 – 7:06 PM
BRC Asia, the biggest metal reinforcement provider in Singapore, plans to promote a property positioned at 32G Nassim Highway for S$38.38 million, it stated on Monday.
The property, which has a land measurement of round 1,235 sq m, is presently underneath improvement for a two-storey indifferent home with a basement and a swimming pool. The Non permanent Occupation Allow is anticipated to be obtained by 12 months’s finish.
The property is held via BRC Asia’s subsidiary Lee Steel Group.
An choice to buy has been entered into with an unbiased third occasion purchaser. The choice shall expire at four pm on Sept 14; the sale and buy of the property will likely be accomplished on or earlier than Feb 26, 2021. The consideration will likely be paid totally in money.
The worth was arrived at on a “keen purchaser, keen vendor” foundation, the group stated.
Based mostly on a desktop valuation report dated Might 21 issued by an expert valuer, the indicative market worth on an “as-is” foundation and the gross improvement worth had been S$37 million and S$39 million respectively. The valuation was commissioned by a neighborhood financial institution for financing functions.
Based mostly on BRC Asia’s unaudited consolidated monetary statements as at June 30, 2020, the online asset or e-book worth of the property amounted to roughly S$33.three million.
Because the property is presently underneath improvement, the extra improvement prices to completion is but to be finalised.
The group stated it is going to make additional bulletins on the surplus of gross sales worth over e-book worth upon completion of the sale.
The online money proceeds of roughly S$37.eight million from the proposed property disposal will likely be used for full reimbursement of the time period mortgage, which is secured by the property and for working capital functions, the group stated.
As of 30 June 2020, the excellent steadiness of the stated time period mortgage was S$22.7 million. BRC Asia shares closed flat at S$1.13 on Monday.