Zhitong Financial App News, LHN (01730) announced that on April 9, 2024, the company's indirect wholly-owned subsidiary Coliwoo Holdings and joint venture partner Macritchie Developments Pte. Ltd. has formed a new joint venture. On the same day, Coliwoo Holdings, the joint venture partner and the joint venture company signed a joint venture agreement containing the joint venture arrangement for the joint venture.

The joint venture was formed to acquire the property, which is located at 50 Armenian Street, Wilmer Place Singapore 179938. As of the date of this announcement, the joint venture was granted a purchase option to purchase the property, but that option has not been exercised. The property is currently used for office use, and there are shops on the ground floor.

The joint venture accepted the purchase option to acquire the property on May 8, 2024 (the date the option was exercised). The purchase price was SGD 26.5 million. Therefore, the purchase option has become a binding sales agreement for the property.

On the date the purchase option was signed, the joint venture paid a total of SGD 1,325 million, equivalent to 5% of the purchase price (including SGD 265,000, or 1% of the purchase price previously disclosed as an option fee). The balance of the purchase price of SGD 25.175 million will be paid upon completion of the acquisition (i.e. 12 weeks after the date the option was exercised). The anticipated purchase price will be disbursed through a combination of bank loans and the joint venture's internal resources (to be funded in equal proportions by its shareholders).